Fly News Breaks for September 9, 2019
Sep 9, 2019 | 06:36 EDT
Macquarie analyst Tim Nollen downgraded Fox Corp to Underperform with a price target of $30. The analyst notes that the major deals for sports TV broadcasting rights are expected over the next few years, with NFL, MLB and NHL rights in the U.S. and Europe Champions League, Bundesliga, and EPL rights in Europe all up for renewal in 2021-2022. Nollen believes that the broadcast costs will likely escalate, adding to Fox Corp's margin pressure. The analyst adds that there is still "intrinsic value" in the stock, but in the near term, he contends that its valuation is too high relative to peers.
News For FOXA From the Last 2 Days
Sep 18, 2019 | 14:25 EDT
Bullish option flow detected in 21st Century Fox with 8,245 calls trading, 2x expected, and implied vol increasing almost 3 points to 28.87%. Oct-19 33 calls and Oct-19 34 calls are the most active options, with total volume in those strikes near 7,600 contracts. The Put/Call Ratio is 0.03. Earnings are expected on November 6th.