By HatetheSwamp July 10, 2023 12:07 pm Category: Media (0.0 from 0 votes)
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Wells Fargo analysts downgraded shares of Fox Corporation (NASDAQ:FOXA) to underweight from equal weight on Monday, lowering the price target to $31 from $35 per share.
"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%."
Fox News saw a significant ratings decline after its termination of its number one rated host Tucker Carlson.
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