tl;dr
Formula One Group (NASDAQ:FWONK) shares slipped nearly 2% in early trading on Monday as Morgan Stanley downgraded the motorsport company amid worries about a decline in sports media rights. Recent sports renewals, including NASCAR, the EPL, and WWE's Smackdown, have all come in lower than expected, ...
Formula One Group (NASDAQ:FWONK) shares slipped nearly 2% in early trading on Monday as Morgan Stanley downgraded the motorsport company amid worries about a decline in sports media rights. Recent sports renewals, including NASCAR, the EPL, and WWE's Smackdown, have all come in lower than expected, leading analysts to lower their rating on Formula One Group shares to equal-weight from overweight and cut the price target to $70 from $80.
Interest rates have played a role in the decline in media rights, with continued pressure on linear networks and sports broadcasters primarily to blame, as they have less ability to spend aggressively on rights. The recently announced NASCAR agreement with Amazon and Warner Bros. Discovery raises concerns for Formula One Group, which has a premium multiple and faces potential business slowdown. Despite this, Seeking Alpha authors have assigned a BUY rating to the company, while Wall Street analysts rate it a STRONG BUY. Conversely, Seeking Alpha's quant system rates FWONK a HOLD.
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