Fox Corp. price target raised to $60 from $57 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Fox Corp. (FOX) (FOXA) to $60 from $57 and keeps an Equal Weight rating on the shares, stating that fiscal Q3 results were “a clear sign that Fox’s assets are outperforming their competition.” Fox appears poised to deliver growth in both distribution and advertising revenues in FY25, even after adjusting for the cyclical benefits of the Super Bowl and political ad spending, and delivering underlying revenue growth in its core TV networks in an environment of high-single digit percentage cord-cutting levels and advertising shifts to streaming is “notable and supportive” of Fox achieving a premium multiple, says the analyst, who adds that debates from here are the sustainability of these trends and how much valuation premium shares can garner over comps such as Warner Bros. Discovery (WBD), Paramount (PARA) and AMC Networks (AMCX).