Formula One Group (FWONA) Gets a Buy Rating from Pivotal Research


In a report released today, Jeffrey Wlodarczak from Pivotal Research reiterated a Buy rating on Formula One Group (NASDAQ: FWONA), with a price target of $54. The company’s shares closed yesterday at $33.

Wlodarczak said:

“We reiterate that transitioning the current top F1 teams to a new operating arrangement is, arguably, akin to herding cats given the competing agendas, but in our opinion Chase and Liberty are the ideal management to fashion an arrangement that is beneficial to everyone involved medium to long term. We believe Ferrari leaving is unlikely as a new Concorde arrangement with cost caps is net net likely going to protect teams from themselves in regards to the current wild overspending from top teams and therefore increase team profitability while also significantly boosting the competitiveness of the sport (and hopefully the value of the teams themselves).”

According to TipRanks.com, Wlodarczak is a 4-star analyst with an average return of 8.4% and a 58.2% success rate. Wlodarczak covers the Services sector, focusing on stocks such as Liberty Media Corporation Series A Liberty SiriusXM Common Stock, Charter Communications, and Sirius XM Holdings Inc.

Currently, the analyst consensus on Formula One Group is a Moderate Buy with an average price target of $54.

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Based on Formula One Group’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $114 million and GAAP net loss of $17 million. In comparison, last year the company earned revenue of $616 million and had a GAAP net loss of $27 million.

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Liberty Media Corp. engages in the operation and ownership of various media, communications, and entertainment businesses. It operates through the SIRIUS XM and Formula 1 segments. The SIRIUS XM provides a subscription based satellite radio service.

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