Formula 1 Stock Gets $115 Price Target as Jefferies Calls FWONK a Buy

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, FWONK.

The target implies roughly 19% upside from FWONK’s previous close of $94.95. Jefferies cited Formula One’s expanding media business, premium consumer experiences, and potential margin gains as the company integrates MotoGP.

FWONK was recently trading around $96, up about 1.6% during Wednesday’s session. The stock remains below its 52-week high of $109.36 but has climbed well above its 52-week low of $80.15.

 

Liberty Media acquired Formula 1 in 2017 and has since used the Formula One Group tracking stocks, such as FWONK, to give investors exposure to the business.

The structure means FWONK’s performance is closely tied to Formula 1’s growth in areas such as media rights, sponsorship, race promotion, and premium experiences, as well as the broader financial performance of the Formula One Group.

Jefferies sees upside for Formula 1 stock as media rights take center stage

Jefferies analyst Anthony Berni described Formula One Group as a high-quality media and consumer experiences business with a focus on affluent consumers. 

The firm expects mid-teens compound annual growth in OIBDA and sees the company’s relatively asset-light structure supporting strong free cash flow generation.

A major part of the thesis is Formula 1’s expanding media rights business. 

Jefferies highlighted the U.S.-exclusive partnership with Apple TV as an important development, noting that Apple has more than 20 million subscribers in the United States and that many fit the demographic Formula 1 is increasingly targeting.

Apple TV is the new U.S. home of F1.

Watch every race live starting March 7. https://t.co/kGhYwB9WAh

— Apple TV (@AppleTV) February 23, 2026

The partnership also comes as Formula 1 continues to expand beyond traditional television broadcasting and deepen its commercial relationship with a rapidly growing U.S. audience. 

Alongside media rights, the company is developing premium experiences, including F1 Arcade, F1 Drive, hospitality offerings, and destination race weekends.

Jefferies expects these businesses to benefit from consumers continuing to spend on live and premium experiences. The firm also sees room for sponsorship revenue to grow as Formula 1 expands its global audience.

MotoGP represents another important part of the investment case. Liberty Media completed its acquisition of MotoGP in 2025, bringing one of the world’s leading motorcycle racing championships into the same portfolio as Formula 1.

Liberty Media Corporation completes acquisition of MotoGP™#MotoGP https://t.co/wqlq0CbcQd

— MotoGP™🏁 (@MotoGP) July 4, 2025

Analysts expect Liberty Media to apply some of Formula 1’s commercial model to MotoGP, particularly in sponsorship and media rights. 

Jefferies believes the difference in monetization between the two championships creates an opportunity to improve MotoGP’s economics over time.

Formula 1’s weak quarter raises questions, but analysts see a bigger opportunity

Jefferies’ bullish call adds to an increasingly positive analyst outlook for Formula One.

Five analysts currently rate FWONK a Buy, while three have a Hold rating, resulting in a Moderate Buy consensus. The average analyst price target stands at roughly $117.57.

Several firms have set targets above Jefferies’ $115 objective. Bank of America recently raised its target to $115, while JPMorgan increased its target to $125.

Bernstein lifted its price objective to $119, and Guggenheim subsequently raised its target to $134 while maintaining a Buy rating.

The positive analyst outlook comes despite Formula One Group recently reporting quarterly figures below expectations. 

Liberty Media reported $934 million in revenue, compared with estimates of about $953 million, while earnings came in below the consensus forecast. Formula 1 also saw a big downgrade from last year’s $1,226 million to $764 million in 2026

Source: Liberty Media

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.