Morgan Stanley analyst Benjamin Swinburne upgraded Liberty Formula One (FWONK) to Overweight from Equal Weight with a price target of $115, up from $95. The firm sees “higher growth for longer along with a catalyst rich” 2025 for Formula One supporting a positive risk/reward skew in the shares. Morgan Stanley continues to have a bullish view on sports assets citing the secular tailwinds to growth across media rights, sponsorship, and live events. It expects continued healthy growth in these areas in particular at Liberty Formula One and TKO (TKO).
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