Liberty Formula One initiated with an Underweight at Wells Fargo

Wells Fargo initiated coverage of Liberty Formula One (FWONA) (FWONK) with an Underweight rating and $83 price target. The company’s TV rights deals will “underwhelm” and the Concorde payments step-up “could be bigger,” the analyst tells investors in a research note. The firm’s estimates are below the Street. If they are correct, Liberty Formula’s multiple should downshift, contends Wells. It believes the company’s media and Concorde renewals could be negative catalysts for the shares.