and included higher advertising revenue, but it was not only its financials that drew Wall Street praise on Wednesday. Analysts also lauded an increased stock buyback program and its strategic implications for the company after the Murdoch family recently dropped plans to merge it with News Corp. And the Street liked what it saw.
CFRA Research analyst Kenneth Leon raised his stock price target on Fox by $7 to $41, while reiterating his “buy” rating after the latest quarterly update on Wednesday. “With low investment risk to the TV streaming wars, Fox stands out with #1 ratings for Fox Sports and Fox News,” he wrote in a note to investors. “Its long-term strategy of ‘what’s next’ has been questioned by investors, but we think Fox can grow profitably and return capital from the $7.0 billion buyback plan.
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