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Twenty-First Century Fox (FOXA) Stock Rating Initiated at Pacific Crest

NEW YORK (TheStreet) -- Twenty-First Century Fox (FOXA - Get Report) stock was initiated with an "overweight" rating and $32 price target at Pacific Crest.

Fox's cable assets and sports programming give the company "sustainable" pricing power, which should pair with better international profitability to drive profit growth and maintain a premium multiple, the firm said in an analyst note.

As consumers move toward on-demand viewing, the relative value of major sports programming, which makes up most of Fox's revenue, should increase, Pacific Crest notes. The company has invested in international sports programming, in India especially, which has recently weighed on profits but should "drive strong growth in both affiliate and ad revenue going forward," the firm adds.

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Although the Pacific Crest doesn't expect a "significant" rebound in U.S. advertising, Fox's sports coverage and political coverage should help drive...