Fox News has seen particular softness in one area, and the recent banking crisis has also affected how Wall Street thinks about the ad outlook.
On March 27 alone, two observers lowered their Fox forecasts for the January to June period. Guggenheim analyst Michael Morris in the headline of a report said he was “Trimming Fox News Estimates on Persistent Advertising Softness,” while maintaining his “buy” rating and $40 stock price target on the company. And Steven Cahall, an analyst at Wells Fargo, unveiled “negative advertising revisions” for Fox, while also sticking to his “overweight” rating and $44 target.
All three cited softer direct-response ad momentum, which had already affected Fox News in the final quarter of 2022. Direct-response ads traditionally fetch somewhat lower prices, but give networks more say on when they run.
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