Citigroup Smith Barney media analyst Jill Krutick raised her 12-month price target on Fox Entertainment Group Inc. to $32 from $28, citing strong continued momentum at its broadcast and cable divisions.
Krutick raised her 2004 cash flow estimates for the Fox broadcasting division to $1.07 billion from $1.04 billion, based on strong station-group performance offset by higher programming costs. Overall, broadcasting group cash flow is expected to grow 18.1% in 2004, up from an earlier 14.2% estimate.
In cable, Krutick's 2004 cash flow estimate rose to $554 million from $531 million, 25.6% ahead of 2003 estimates.
