News

Fox Entertainment Rises On Forecast

4/28/2002 8:00 PM Eastern

Goldman Sachs & Co., Inc. analyst Richard Greenfield upgraded Fox Entertainment Group Inc. to his "recommended list" from "market outperform," citing the company's strong cable networks, as well as its television-production and film properties. In his report, Greenfield said he expects Fox to outperform its peers, forecasting that cash flow for its fiscal third quarter could rise as much as 17 percent, one of the highest growth rates in the sector. Greenfield expected fiscal fourth-quarter cash flow could rise as much as 30 percent. Driving that growth is the performance of Fox's cable networks, especially Fox News Channel, which Greenfield predicted would double its fiscal third-quarter cash flow to $72 million. Fox rose 33 cents, to $24.70, on April 24.

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