Fox Outperformed in Fiscal Q3 Given Sports and News Focus, UBS Says

MT Newswires Live05-13

Fox's (FOXA) fiscal Q3 results outperformed as the company continues to benefit from its sports and news focus, but the NFL renewal remains an overhang on the stock, UBS Securities said in a note emailed Tuesday.

Cable distribution revenue grew 5.5% in fiscal Q3, and UBS expects growth of 4.7% in fiscal Q4 amid stable linear trends and continued year-over-year boost from the launch of FOX One, according to the note.

UBS estimates nearly 3 million subscribers by fiscal 2030, in line with management's prior commentary for low- to mid-single-digit millions of subscribers over 3 to 4 years, according to the note.

The brokerage expects corporate losses to remain high in fiscal Q4 due to the FOX One investment, driving losses up about $180 million for the full fiscal year. However, it expects improvement in fiscal 2027 and beyond, according to the note.

UBS expects a sizable working capital headwind from the World Cup in fiscal 2026. It now estimates free cash flow of $1.6 billion for fiscal 2026 and $3.5 billion for fiscal 2027, versus the prior estimates of $1.47 billion and $3.43 billion, respectively.

UBS kept a buy rating on Fox with a price target of $78.

Price: 66.29, Change: -1.43, Percent Change: -2.11

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