Bank of America has downgraded Fox Corporation stock to Underperform from Buy, citing the broadcaster's heightened vulnerability to upcoming National Football League media rights negotiations. The firm slashed its price target to $45 from $80, warning that Fox faces the steepest risks among its media coverage universe.

Analyst Jessica Reif Ehrlich noted that Fox's heavy reliance on sports and news content makes it particularly exposed to potential NFL contract increases. BofA estimates that assuming a 1.5x average annual value step-up, there could be approximately 22% downside risk to Fox's fiscal 2027 EBITDA. The bank also reduced its valuation multiple to about 6x from 10x, reflecting increased uncertainty around the broadcaster's financial outlook.

The NFL is reportedly pursuing early renegotiations amid soaring viewership and rising fees across major sports. BofA warned that traditional media companies are structurally disadvantaged as the pool of bidders expands to include deep-pocketed tech platforms seeking premium live inventory. For Fox, BofA estimates the implied incremental cost from NFL renewal would equal roughly 22% of fiscal 2027 EBITDA, making it the most vulnerable to the league's repricing push.