Wells Fargo analyst Steven Cahall raised the firm’s price target on Liberty Formula One (FWONK) to $87 from $80 and keeps an Underweight rating on the shares. The firm notes that its estimates now include the MotoGP acquisition, which takes its valuation from $80 to $87. This is 19-times EV/EBITDA, but also 16% downside as Wells thinks media rights, F1 EBITDA and the lofty valuation will come down.
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