09:50 AM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

FOXA delivered consistent results with a unique strategy aimed at sports and news through different media channels. We raise our target $1 to $35 on a forward TEV/EBITDA of 7.0x our FY 24 (Jun.) EBITDA estimate at $2.85B, near the three-year historic average at 6.8x. We raise our FY 24 EPS $0.40 to $3.75 and FY 25's $0.10 to $3.90; our respective revenue forecasts are $14.1B and $15.2B. FOXA reported Q3 EPS of $1.40, a $0.44 consensus beat. The Television unit (56% of total revenue) realized a 22% Y/Y revenue decline (advertising -40% without Super Bowl, affiliate fees +9%, other +9%). Cable Network Programming (44%) saw -6% Y/Y revenue (affiliate fees +1%, advertising -6%). Tubi, a free advertising streaming platform, continues to expand its viewership, but there has been no financial disclosure. We are tracking the announced joint venture with Disney (DIS 105 ***) and Warner Bros. Discovery (WBD 8 ***) to offer major sports leagues and events to streaming viewers who are not cable bundle TV subscribers.