FWONK - Formula One rises as Pivotal boosts target

Formula One Group (FWONK) is up 2.2% after Pivotal Research reiterated its Buy rating, with a slight price target bump. That increase reflects a move to year-end 2021 from a valuation standpoint. Formula One is a unique asset as one of the most watched sporting events in the world, the firm says, and it boasts strong free cash flow and high barriers to entry- along with the prospects of improving margins. Changing CEOs (to Stefano Domenicali) wasn't a surprise, Pivotal says, adding the new CEO is well received and outgoing chief Chase Carey left things in a good position. It's raised its price target to $47 from $44, implying 30% upside.

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Formula One rises as Pivotal boosts target