Shares of media major Fox Corp. (FOXA.O) rose over 2% to $66.85 premarket.
J.P. Morgan upgraded the stock to "overweight" from "neutral" and raised its price target to $82 from $70.
The firm said cyclical events, including the FIFA World Cup, provide earnings momentum through mid-2027 for FOXA.
The new price target represents about 25% upside to the stock's last close.
J.P. Morgan also sees "meaningful rerating potential" as the market begins underwriting the combined Fox-Roku entity as a scaled CTV platform with first-party data and advertising optionality.
Eleven of 21 brokerages rate the stock "buy" or higher, nine "hold" and one "sell" or lower; their median price target is $73, according to LSEG-compiled data.
Up to Thursday's close, the stock was down 10.5% year to date.
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