Feb. 27 at 8:19 PM
Wells Fargo upgraded Liberty Formula One to Equal Weight from Underweight and lifted its price target to
$95 from
$93, saying earlier concerns are now largely priced in and the risk/reward appears more balanced.
The bank had flagged lower leverage under the new Concorde Agreement and potential weakness in U.S. media rights. Since then, Liberty has clarified Concorde economics and shifted U.S. rights from ESPN to Apple. While Wells remains below consensus on media revenue due to a conservative F1 TV outlook, it said the difference is not material to estimates.
Wells noted the business remains cost-intensive, with planned MotoGP investment in 2026–2027 and likely reinvestment of incremental Concorde gains. Still, sponsorship revenue rose 31% in 2025, supported by deals such as LVMH, and about 70% of revenue is contractual and visible, supporting stability.
The bank slightly trimmed 2026–2027 revenue forecasts but raised adjusted OIBDA and free cash flow estimates.
$FWONK