MoffettNathanson sees questions around cash flow limiting Fox upside

After Fox Corp. (FOXA) reported “outsized EBITDA growth” in fiscal Q2, MoffettNathanson analyst Robert Fishman acknowledged the firm was “early” when it downgraded the stock to Neutral from Buy a few weeks ago. However, the analyst adds that the firm continues to believe questions around the sustainability of Fox’s current strong cash flows “should limit the stock’s upside from these elevated levels.”