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NFL Renewal Worries Spur Double Downgrade of Fox Shares by BofA
Bank of America Corp. double downgraded Fox Corp. shares from buy to underperform with a $45 price target, citing concerns over the company’s heavy reliance on NFL broadcasting rights. The analyst fears that upcoming NFL negotiations could significantly reduce Fox’s earnings, potentially by 20%, due to the league’s growing audience and negotiating power. This downgrade makes BofA the only bear on Fox on Wall Street.