Deutsche Bank analyst Bryan Kraft upgraded Liberty Formula One to Buy from Hold with a price target of $83, up from $73. The analyst cites the firm’s higher EBITDA and free cash flow estimates, as well as the inclusion of the pending MotoGP acquisition, for the upgrade. The firm sees an attractive valuation at current share levels and a solid growth outlook “underpinned by multiple levers.” 2024 will hopefully mark the first successful 24 event Formula 1 season, up from the previous high of 22 events, the analyst tells investors in a research note.
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