Key highlights:
- Jefferies initiated FWONK with a Buy and $115 target, citing F1’s Apple TV media deal, premium experiences, and MotoGP integration as key growth drivers
- Analyst consensus is bullish with 5 Buys, avg. target ~$117.57, with JPMorgan at $125 and Guggenheim at $134, despite Q2 revenue missing at $934M vs. $953M due to Middle East race cancellations
- F1 restored its season to 23 races, with Qatar and Abu Dhabi (Nov/Dec) still under review, and a decision is expected mid-September
Formula One Group is drawing fresh Wall Street attention after Jefferies initiated coverage with a Buy rating and a $115 price target, pointing to further upside for Liberty Media’s Formula One Series C tracking stock,
The timing of the 2026 race calendar was a major factor behind the quarterly performance.
Several Middle East races were disrupted earlier in the season, affecting the timing of revenue recognition.
Formula 1 initially lost four races from the expected calendar after the cancellation of races in Saudi Arabia and Bahrain. The company later restored the season to 23 races by moving the Bahrain Grand Prix to Malaysia on October 4.
The company is still monitoring the final races in Qatar and Abu Dhabi, which are scheduled for late November and early December.
Both races were already sold out, but Formula 1 CEO Stefano Domenicali said a decision on whether they could proceed would be made around mid-September.
The calendar changes are important because Formula 1’s revenue is closely connected to the timing and number of races staged during a reporting period.
During the second quarter, only eight of the 22 races then assumed in the calendar had taken place, compared with 46% of the season’s revenue recognized at the same point a year earlier.
Despite the disruption, Formula 1’s underlying commercial picture remains a central focus for investors.
Attendance has remained strong, premium hospitality demand has continued, and the company is expanding its media and sponsorship relationships.
Jefferies expects Formula One Group to convert more than 70% of its earnings into free cash flow and sees net leverage potentially falling below 1.0 times over time.
The firm also expects Formula One’s capital requirements to remain relatively modest, supporting cash generation as revenue grows.
Source:: Formula 1 Stock Gets $115 Price Target as Jefferies Calls FWONK a Buy