Pivotal Research Reaffirms Their Hold Rating on 21st Century Fox (FOXA)

By Carrie Williams

In a report released today, Brian Wieser from Pivotal Research reiterated a Hold rating on 21st Century Fox (FOXAResearch Report), with a price target of $45. The company’s shares closed yesterday at $47.55, close to its 52-week high of $50.15.

Wieser said:

“We continue to rate Fox Hold. Fox’s fiscal 1Q19 results were generally consistent with expectations. During the quarter, Cable Networks saw domestic affiliate fee growth of +9% and ad revenue growth of +7% with lower revenue from licensing of FX Networks content. The ad revenue result was particularly strong, with the outcome attributed to higher pricing at Fox News and FX as well as FIFA Sports 1. Domestic OIBDA margins rose by +6%. International affiliate revenues rose +10% in constant currency terms (though down -1% as reported) while international advertising was lower relative to 1Q18 in constant currency terms (-8% as reported). International OIBDA was down -24% in USD. On a combined basis, revenues rose by +4% while margins fell from 36.0% to 35.4%.”

According to TipRanks.com, Wieser is a 5-star analyst with an average return of 11.5% and a 76.7% success rate. Wieser covers the Services sector, focusing on stocks such as Interpublic Group of Companies, Nielsen Holdings, and Discovery Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for 21st Century Fox with a $49.50 average price target.

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Based on 21st Century Fox’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $7.18 billion and net profit of $1.29 billion. In comparison, last year the company earned revenue of $7 billion and had a net profit of $855 million.

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Twenty-First Century Fox, Inc. is a media company, which engages in television broadcasting and film production. It operates through the following segments: Cable Network Programming; Television; Filmed Entertainment; and Other, Corporate and Eliminations.