Seaport Global Securities moved FOX Corp. (NASDAQ: FOXA) to a Buy rating from Neutral, assigning a $64.00 price objective. That target implies roughly 16% upside from the stated reference price of $55.34. The stock has fallen about 24% year-to-date, and Seaport contends the recent drop following quarterly results was excessive.
Seaport attributed part of the decline to investor concerns related to Fox’s exposure to the sports-betting market - specifically, its equity stake in Flutter and an option tied to FanDuel - combined with news of an accelerated share repurchase program. The firm views those elements as having contributed to an outsized share-price reaction after earnings.
An InvestingPro observation cited by Seaport highlights management’s active repurchase activity, and technical indicators that point to oversold conditions. The analyst note suggested the market may be conflating weakness in dedicated sports-betting names with Fox’s broader media portfolio.
Catalysts and audience trends
Seaport emphasized that sports-betting data and distribution remain logically connected to sports programming rights despite the emergence of prediction markets. The firm identified the upcoming FIFA World Cup and the mid-term election cycle as near-term events that could support advertising revenue growth for Fox’s programming lineup.
The note also discusses Fox’s efforts on the distribution front. The company is reportedly moderating linear subscriber losses via direct-to-consumer services aimed at cord-nevers and by securing placement in so-called skinny bundles that carry its news and sports channels. Seaport additionally pointed to growth at Tubi, Fox’s ad-supported video-on-demand service, as evidence of expanding digital reach.
Recent corporate activity, including acquisitions that broaden Fox’s media-platform footprint into areas such as podcasting, was cited by Seaport as supporting the company’s expanding content and monetization strategy.
Other analyst moves and leadership updates
Several other brokerages have also adjusted their views on FOX Corp. Guggenheim raised its price target to $85 from $75 while maintaining a Buy rating. BofA Securities lifted its target to $80 from $75 and kept a Buy rating in place. UBS reiterated a Buy rating with a $76 price target, while noting potential short-term ad-market comparisons with the prior-year federal election period may pressure near-term advertising trends.
On the corporate side, Fox News Media promoted six executives within its New York and Washington editorial teams. Among those moves, Douglas Rohrbeck was elevated to Executive Vice President, Washington News & Politics, where he will oversee editorial and strategic operations for the company’s Washington-based news and political coverage. Seaport framed these personnel and strategic adjustments as consistent with analysts’ confidence in Fox’s market positioning.
Bottom line
Seaport’s upgrade and $64 price target reflect the view that the market overreacted to sports-betting exposure and buyback news, and that upcoming programming and election-related ad demand could provide support. Several other brokers have refreshed their targets and maintained Buy ratings, while Fox continues to pursue distribution and platform expansion initiatives.