Wells Fargo downgraded Fox Corp. (FOXA) to Equal Weight from Overweight with a price target of $75, down from $80, following the earnings report. The firm thinks a lot of upside is now understood and in the stock with Fox’s catalyst path ahead more mixed. If mergers pick up Wells could get more bullish, but a lot is now in the price, the analyst tells investors in a research note. Wells thinks the upside versus buyside expectations are “now more limited” for Fox.
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