Another Earnings Beat, Hold for Upside
Despite the closure of all sporting events affecting the Sporting Business, Fox Corp. (FOXA) witnessed record breaking audiences for FOX News and its FOX Businesses, helping the company to another earnings beat. With FOXA’s recent acquisitions and elections six months away to ramp up ad sales, we maintain our target price and continue to hold FOXA.Another Earnings Beating for FOXA / Strong Investment Case Maintained
Witnessed Revenue Growth Across All Operating Segments / Upcoming Election Cycle Remains a Lucrative Tailwind
Sports Business Impacted By COVID-19 / News Broadcasting Sees Strongest Ratings and Audience in History
Continues String of Inorganic Additions / Recently Acquiring Tubi, Inc. for $445m in Cash
Target Price Remains Unchanged / FOXA is a Current Model Portfolio Holding
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