Bernstein upgraded Liberty Formula One (FWONK) to Outperform from Market Perform with a price target of $111, up from $110. The firm sees a year of favorable deal-making for F1 in 2026. F1 operates in the “right sector,” has multiple tailwinds to drive upward estimate revisions, and is a likely acquisition target, the analyst tells investors in a research note. Bernstein believes the company’s third-party race promotion growth potential is underappreciated and sees $30M incremental near-term “headroom.”
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