Fox News has been foundering ever since it unceremoniously dumped ratings kingpin Tucker Carlson in April — and the devastating fallout is escalating.
On Monday, Wells Fargo analyst Steven Cahall downgraded Fox Corp. stock and lowered its price target, citing as a key driver plunging cable news viewership following Carlson’s departure, according to Yahoo Finance.
“Wells Fargo analysts downgraded shares of Fox Corporation (NASDAQ:FOXA) to ‘Underweight’ from ‘Equal Weight’ on Monday,” Investing.com reported.
When a stock is downgraded, it means analysts are pessimistic about its chances of providing market-beating investment returns.
When analysts “underweight” a stock, they’re suggesting it has become a less-attractive investment option because it’ll likely underperform similar stocks in its sector.