JPMorgan raised the firm’s price target on Liberty Formula One (FWONK) to $120 from $108 and keeps an Overweight rating on the shares. The firm updated the company’s model to reflect include Dorna. While the company has fewer rights catalysts going forward, trends across its other business lines, such as live events, promotion and sponsorship, remain healthy, the analyst tells investors in a research note. JPMorgan believes Liberty Formula One is positioned to compound free cash flow growth over the next several years.
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