Fox Corporation (NASDAQ:FOXA) shares rose more than 1% on Friday after Wells Fargo upgraded the stock from Underweight to Overweight, citing strong potential in the sports streaming market, particularly through its Venu platform. This double upgrade reflects the analysts’ growing confidence in Fox’s ability to capitalize on sports streaming opportunities, positioning the company as a key player in this expanding sector.

Wells Fargo's analysis of the Venu platform led to the conclusion that sports streaming presents significant growth potential for Fox, with expected high single-digit to low double-digit percentage contributions to their updated EBITDA estimates. The platform's integration with ESPN’s direct-to-consumer service is also seen as a future driver of Fox's success.

Wells Fargo has revised its fiscal 2025 EBITDA estimates for Fox upwards by 10% to $3.3 billion, which is 7% higher than the consensus. The analysts also predict that the Super Bowl could generate around $75 million in EBITDA for the company. For 2026, they raised their EBITDA estimate by 12% to $3 billion, 5% above the market’s expectations.