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Fox Corp. Price Target Lowered by Analyst Over "Steeper" TV Ad Revenue Decline
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hollywoodreporter.comUBS analyst John Hodulik on Monday lowered his price target for Fox Corp. over concerns of far lower future advertising revenues amid the coronavirus pandemic. "We now expect steeper U.S.
advertising declines in 2020 with a more gradual recovery in 2021," Hodulik wrote in an investors note about the the slimmed-down media firm that emerged from the $71.3 billion sale of 21st Century Fox assets to The Walt Disney Company.
The company, comprised of Fox News Channel, Fox Sports and Fox Entertainment, as well as local TV stations, posted advertising revenue gains heading into the COVID-19 pandemic but has now, like the wider TV industry, been hit by a deep advertising downturn. "Our estimates are updated to reflect lower near and medium-term.
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