TD thinks Formula One Class A stock could yield as much as 40% upside as the firm begins coverage of the racing stock.
TD Cowen thinks Liberty Formula One Group Class A stock can see big gains going forward. The firm initiated coverage of the auto racing series with an outperform rating and a $90 per share price target, implying upside of nearly 40% from Friday's close.
He also noted the company's lock on commercial rights to the World Championship which could yield more upside from revenue derived from fees. "Formula One has minimal working capital impacts, low capital intensity, and an efficient tax structure in the utilization of its acquired FIA agreement for commercial rights to the World Championship, driving the ability to earn race promotion fees, media rights, and sponsorship fees ," Glagola said.
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