Bank of America Upgrades $FOXA to Buy Following $22 Billion Acquisition of $ROKU

Bank of America upgraded Fox Corp. ($FOXA) from Underperform to Buy and raised its price target to $85, citing that its $22 billion acquisition of Roku ($ROKU) fundamentally transforms the media company's strategic and financial narrative by providing the missing streaming engine for its live sports and news content.
While risks such as looming NFL rights renewals and competition from Walmart remain, BofA estimates the deal will generate substantial synergies through improved ad fill rates, platform bundling, and home-screen promotions.