Bank of America upgrades Fox to Buy, citing pending Roku acquisition

Bank of America raised its rating on Fox Corporation to Buy from Underperform and lifted the price target to $85, up from $54. The upgrade reflects expected synergies from Fox’s pending acquisition of Roku, which is slated to close in early 2027. BofA projects $400 million of cost savings and $530 million of revenue synergies, together delivering about $700 million of additional EBITDA by 2028.

The higher rating and price target suggest a more favorable valuation for Fox, potentially attracting new buying interest. The projected EBITDA uplift could improve Fox’s earnings profile and support higher future cash flows.

  • 1BofA upgraded Fox to Buy from Underperform and raised the price target to $85, up from $54.
  • 2The pending Roku acquisition is expected to close in early 2027.
  • 3BofA expects $400 million of cost synergies from the combined SG&A and corporate cost base.
  • 4Base‑case revenue synergies are projected at $530 million, with a bull case of $1.07 billion.
  • 5Total EBITDA uplift of roughly $700 million is anticipated for 2028.

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