Bernstein analyst Ian Moore raised the firm’s price target on Liberty Formula One (FWONK) to $115 from $110 and keeps an Outperform rating on the shares. The underlying driver of the F1 business is overwhelming demand, the firm says. Bernstein wonders whether the historical two-year lag between media rights step-ups and sponsorship momentum could be pulled forward in the AppleTV+ era, especially as Apple (AAPL) and other broadcast partners have already demonstrated a strong willingness to invest in the bran.
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