BofA raised the firm’s price target on Fox Corp. (FOXA) (FOX) to $75 from $70 and keeps a Buy rating on the shares. The firm noted that Fox’s Q1 earnings results reflect “a strong revenue and EBITDA beat” vs. the firm’s expectations. BofA added that Fox advertising “appears robust,” highlighted by the highest ad revenue quarter for Fox News ever, despite the company comping against a political cycle. The firm also noted that “subscriber declines appear to be moderating,” which should “mitigate a headwind” the company has been navigating the last several years.
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