Fox (NASDAQ: FOX)(NASDAQ: FOXA) is arguably best known for its news business, but its sports network has a big following, too. Fox's recent sports history is a bit messy and convoluted, but it's important to understand what's at stake. Following Fox's media assets sale to Disney in 2019, as a condition of the acquisition, Disney sold the Fox regional sports networks (RSNs) it acquired to Sinclair Broadcast Group.
Because of the potential for expanded cooperation between FanDuel parent Flutter Entertainment (OTC: PDYPF) and Fox (NASDAQ: FOX)(NASDAQ: FOXA), the news and sports broadcaster, one analyst believes the latter's stock possesses as much as 34% upside. Wells Fargo analyst Steven Cahall recently upgraded Fox from equal weight to overweight, which is the equivalent of a buy recommendation, and set a price target of $47 per share. In a research note to investors, Cahall said there are two catalysts to Fox's stock appreciating 34% over the next few years.
Susquehanna Growth Equity, an investment fund affiliated with SIG, has made a significant minority investment in Smarkets, Yahoo Finance UK can reveal.