Liberty Formula One price target raised to $85 from $80 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Liberty Formula One to $85 from $80 and keeps an Equal Weight rating on the shares. The firm raised estimates on F1 OpCo on a stronger than expected sports rights market, highlighted by the NBA renewal, and continued strength in the sponsorship pipeline for F1 in particular. The firm, which notes that the company has several media rights renewals in 2025, including ESPN in the U.S., maintains its 1.5-times average annual value assumption, but over three years versus five years previously, lifting estimates. However, much like the market over-corrected negatively in 2023 following a disappointing renewal for WWE, the firm sees risk “the market is over-correcting positively this year,” the analyst tells investors.