Fox Shares Jump on Bullish Upgrades and FIFA World Cup Bets
Fox Corp.'s shares jumped roughly 4% to settle near $65.45 on Friday after JPMorgan and Wells Fargo both upgraded the media company to Overweight from Neutral, citing accelerating advertising momentum, the upcoming FIFA World Cup, and the strategic logic of the pending Roku acquisition.
JPMorgan lifted its price target to $82 from $70, while Wells Fargo raised its target to $80 from $65. The dual upgrades reflect a growing conviction on Wall Street that Fox is positioning itself as a scaled connected-TV platform rather than a legacy broadcast network.
The bullish reassessment follows Fox's fourth-quarter earnings, which showed the television division generating $2.48 billion in revenue, a 45% year-over-year increase. Segment EBITDA surged 129% to $705 million.
JPMorgan revised its adjusted EBITDA estimates for fiscal 2027 and 2028 upward by 7% and 9%, respectively, citing favorable FIFA World Cup economics, a robust political advertising cycle, and better-than-expected distribution revenue. Wells Fargo similarly lifted its fiscal 2027 EBITDA projection to $4.12 billion from $3.85 billion.