Guggenheim Securities' Michael Morris mentions the return of live sports,"improving advertiser sentiment, re-opening of small- and medium-sized businesses that subscribe to channel bundles" and other catalysts.
On May 20, Morris had expressed "concern that a stubborn investor focus on secular media headwinds under-appreciated the potential for cyclical-trend driven share appreciation in the near term." In his Monday report, he acknowledged that the media stocks he covers have since then outperformed the broader market.
Morris emphasized that the return of live sports to TV "appears to be well on track," mentioning the NBA's plan to resume games on July 31 and the NHL's expectation to have teams return to training camps in July. Addressing the NFL season, he wrote: "As yet, no delays have been announced.
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