A major financial services company downgraded Fox Corporation stock, citing risks concerning news, earnings, and viewership.

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.

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

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