BofA cuts Fox stock, seen as the most exposed name to the upcoming NFL renewal

Sam Boughedda

Thu, February 26, 2026 at 12:21 AM GMT+9 1 min read

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FOX

-4.02%

FOXA

-4.14%

Investing.com – Bank of America downgraded Fox shares in a note on Wednesday, warning that the broadcaster faces the steepest risks in the looming National Football League media rights negotiations.

Jessica Reif Ehrlich, the BofA analyst behind the call, downgraded the stock to Underperform from Buy and slashed the price target to $45 from $80.

Ehrlich wrote that “Fox [is] the most exposed stock in our coverage to the upcoming NFL renewal,” citing the company’s heavy reliance on sports and news.

She added that assuming a “1.5x AAV step up (all else equal), there is ~22% downside risk to our FY27E EBITDA.”

According to BofA, the market has already priced in some of the pressure following a 27% slide since early January, but the firm expects shares to remain under strain until there is clarity on the new deal.

The bank also lowered its valuation multiple to about 6x from 10x, reflecting heightened uncertainty.

The NFL is reportedly pursuing early renegotiations amid soaring viewership and rising fees across major sports.

BofA said traditional media companies are structurally disadvantaged, noting that “the pool of bidders is expanding as deep-pocketed tech platforms seek premium live inventory.”

Ehrlich warned that even in a best-case scenario, upcoming renewals are set to “dilute earnings power” across the sector.

For Fox, BofA estimates the implied incremental cost would equal roughly 22% of FY27 EBITDA, making it the most vulnerable to the NFL’s repricing push.

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