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Fox Corporation: Credit Suisse starts with 'outperform'

( - Credit Suisse has initiated the coverage of Fox Corporation shares with an "outperform" rating and a target price of 46 dollars following its spin-off from the rest of 21st Century Fox's assets, which now belong to Disney.

In a note to clients, the broker describes the US broadcast, news and sports networks that form the newly created Fox as a true "free cash flow machine."

Credit Suisse says that it expects accretive deployment of Fox's "prodigious" free cash flow (15 year tax shield, low capex, low working capital), primarily via share repurchases and M&A.

According to the broker, Fox's focus on news and sports moderates secular challenges, while Fox is also well-positioned for its NFL renewal, and is also the "least complex" media company.

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