Fox Corp. resumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne resumed coverage of Fox Corp. with an Equal Weight rating and $37 price target. While Fox continues to generate substantial free cash flow from its TV networks, pressures on the linear TV ecosystem will likely cap the multiple on shares, the analyst tells investors in a research note. The firm sees minimal organic growth ahead and would look for Fox to use its "ample financial capacity" to diversify into growth opportunities in order to get more bullish, it added.