Breaking: Fox News Gets Awful News Two Months After Firing Tucker Carlson

(SNews) – Two months after the shock firing of star Tucker Carlson, Fox Corporation got some awful news from Wall Street.

Wells Fargo analysts downgraded shares of Fox Corporation (NASDAQ: FOXA) to underweight from equal weight on Monday. The analysts also lowered the price target to $31 from $35 per share.

The analysts said: “Fox News is the FOXA cash cow at ~80% of our FY24E EBITDA. Viewership is down -19% Jan-June’23 vs Jan-June’21 due to cord cutting and/or programming.

“More worryingly, Fox News was 52% of cable news primetime viewership for 2020-22, 51% in Jan’23, and that has slid to a low of 38% in June’23 post-TC.

“FN’s share of conservative news viewers has fallen from 94% to 84%.

“While the new PT lineup could drive a rebound, we think Fox News is a Show Me viewership story.

“ESPN DTC could add fuel to the fire.

“FOXA Cable could soon go ex-growth on EBITDA like we’ve seen for peer linear nets.

“TV has better topline growth, but less ability to reduce costs due to sports rights. If FOXA is 1% worse cord cutting p.a. vs our ests. = -7% downside to total FY24E-26E EBITDA,” they said.

This comes after other Wall Street analysts did the same.

Bank of America downgraded Fox shares from a buy rating to a neutral rating and decreased its target price.

Argus cut shares of Fox from buy to hold.

Barclays decreased its price target on Fox from $36 to $35 and set an equal weight rating.

Rosenblatt Securities on April 19 lowered its target price on Fox from $35.00 to $33.00.

Meanwhile, Newsmax is on the rise.

Newsmax’s total day rating rose 71% as Fox News declined 15% in the same period.

In the prime time hours, Newsmax saw its audience grow 126% as Fox’s audience fell 21%.

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