Fox to Maintain Current Trends in Q4, 'Cyclical Tailwinds' to Accelerate Growth in Fiscal 2025, UBS Says

MT Newswires Live06-27

Fox (FOX, FOXA) will see ongoing trends continue in fiscal Q4 followed by "cyclical tailwinds" that will accelerate growth in fiscal 2025, UBS said in an emailed note to clients Wednesday.

The investment firm said Fox's flat advertising revenue, soft performance and challenges in the entertainment sector were offset by strong sports spending and improved cable ratings.

UBS said it expects Fox's cable affiliate to remain growth at around 1% in fiscal Q4 due to higher renewal pricing offsetting minor subscriber declines, while growth in cable advertising will be driven by improved ratings.

TV advertising will be flat because of slowing Tubi growth, tough comparisons and increased competition, according to the note.

"While certain fiscal 2025 catalysts are cyclical in nature, we believe Fox is more resilient than peers to secular trends pressuring the industry," UBS said.

UBS reiterated its buy rating on the company's stock and kept the price target at $44.

Price: 32.04, Change: -0.17, Percent Change: -0.53

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