Despite large losses, Wall Street analysts are giving 'buy' or 'outperform' forecasts for Fox Corp., Comcast, Disney and Lionsgate
While it was a brutal first half of the year for most media stocks, Wall Street observers are bullish on a few Hollywood firms for the second half of 2020. Despite concerns about the impact of the novel coronavirus on advertising, production, moviegoing and theme park operation, analysts are seeing a near-term upside for a few entertainment giants whose stocks have taken a beating:MoffettNathanson analyst Michael Nathanson doesn’t have many entertainment stocks to recommend these days.
Wells Fargo’s Jennifer Fritzsche in a June 23 report also expressed confidence in Comcast, which she rates at “overweight,” despite a recent acceleration of pay TV subscriber losses. After all, broadband and other businesses have risen in importance in the age of cord-cutting. “We believe Comcast’s cable segment is continuing to benefit from the lifestyle changes brought about by COVID-19 ,” she argued.
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