Wells Fargo upgraded Liberty Formula One to Equal Weight from Underweight and raised its price target to $95 from $93. The bank believes earlier concerns are now reflected in the stock price, creating a more balanced risk-reward profile for investors.

The upgrade follows clarity on Concorde agreement economics and U.S. media rights shifting from ESPN to Apple. Wells Fargo noted sponsorship revenue rose 31% in 2025, with 70% of revenue contractual and visible, supporting steadier performance despite cost-intensive operations.

Wells Fargo adjusted forecasts slightly, lowering 2026 and 2027 revenue projections to $4.74 billion and $5.04 billion, while raising adjusted OIBDA estimates. The bank values shares at roughly 20 times EV to EBITDA plus $9 per share for potential M&A opportunities.