FOX (NASDAQ:FOXA) Given New $70.00 Price Target at Bank of America

Key Points

• Bank of America has raised its price target for FOX (NASDAQ:FOXA) from $65.00 to $70.00, which reflects a potential upside of 14.86% from its current price with a "buy" rating.
• FOX recently reported quarterly earnings of $1.27 per share, exceeding analysts' expectations and revealing a 6.3% year-over-year revenue growth.
• The stock has received multiple upgrades from various analysts, with the current average rating being "Moderate Buy" and an average price target of $57.20.

FOX (NASDAQ:FOXA - Get Free Report) had its price target increased by research analysts at Bank of America from $65.00 to $70.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target points to a potential upside of 14.86% from the company's current price.

FOXA has been the topic of a number of other research reports. Guggenheim raised their target price on FOX from $62.00 to $68.00 and gave the company a "buy" rating in a report on Friday. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 5th. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a report on Wednesday, July 9th. UBS Group set a $65.00 price objective on FOX and gave the stock a "buy" rating in a report on Wednesday, June 25th. Finally, Morgan Stanley set a $65.00 target price on FOX in a research report on Tuesday, September 9th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, FOX presently has an average rating of "Moderate Buy" and an average price target of $57.20.

FOX Stock Up 1.2%

NASDAQ FOXA traded up $0.72 during trading on Friday, reaching $60.95. 213,856 shares of the company's stock were exchanged, compared to its average volume of 3,929,435. FOX has a fifty-two week low of $41.13 and a fifty-two week high of $62.85. The firm has a market capitalization of $27.15 billion, a PE ratio of 12.46, a P/E/G ratio of 1.44 and a beta of 0.52. The company has a current ratio of 2.91, a quick ratio of 2.76 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $58.15 and its 200-day simple moving average is $54.90.

FOX (NASDAQ:FOXA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%.The company had revenue of $3.29 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the business earned $0.90 EPS. The business's quarterly revenue was up 6.3% on a year-over-year basis. Sell-side analysts predict that FOX will post 4.38 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FOXA. Hemington Wealth Management lifted its holdings in FOX by 217.6% during the 1st quarter. Hemington Wealth Management now owns 524 shares of the company's stock worth $29,000 after buying an additional 359 shares during the period. CYBER HORNET ETFs LLC acquired a new position in FOX during the 2nd quarter worth about $35,000. MV Capital Management Inc. lifted its holdings in FOX by 929.9% during the 1st quarter. MV Capital Management Inc. now owns 690 shares of the company's stock worth $39,000 after buying an additional 623 shares during the period. Zions Bancorporation National Association UT acquired a new position in FOX during the 1st quarter worth about $40,000. Finally, Sentry Investment Management LLC bought a new stake in FOX in the 1st quarter valued at about $43,000. 52.52% of the stock is owned by institutional investors and hedge funds.

FOX Company Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.

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