Liberty Formula One cut to Neutral at Seaport Research on valuation

Seaport Research downgraded Liberty Formula One (FWONA) to Neutral from Buy. The stock performed well this year with overarching strong consumer demand for premium live experiences, continued sponsorship and attendance growth, plans to acquire Dorna Group’s MotoGP, and on hopes for strong media rights renewals, particularly in the ascendant U.S. market, the analyst tells investors in a research note. The firm adds however that it is now including MotoGP estimates in its model for Liberty Formula One effective January 1, 2025, and while this increases its valuation view, with the recent strong share performance, that level has been exceeded.