Guggenheim Securities analyst Michael Morris on Thursday upgraded his rating on Fox Corp.'s stock from "neutral" to "buy" and downgraded Walt Disney from "buy" to "neutral" in a report that updated his financial forecasts for entertainment industry companies "to better reflect the impact of COVID-19 behavioral changes on revenue drivers and additional diligence on key cost considerations." He highlighted that Fox's primary immediate risk was from advertising exposure, estimating that about 43 percent of the company’s fiscal year 2020 revenue was from advertising. "That said, we view the company’s exposure to live news and late-season sports content (primarily the NFL, college football and post-season baseball) as relatively attractive.
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