Analysts at Credit Suisse on Thursday trimmed their price target on shares of Twenty-First Century Fox (FOXA) to $35 from $37 and cautioned on its near-term outlook, in part, due to a drop in National Football League ratings.

"Ratings for FOXA's Sunday night NFL games in the first 5 weeks of the season are down 7% y/y," Credit Suisse noted. "This was negatively impacted during the first 2 weeks by hurricane disruption, but is disappointing given the soft comps - if ratings do not improve materially, we see a potential headwind to domestic advertising revenues in Q2/Q3 '18."

The analysts added however that NFL ratings through the first few weeks in October have been strong and could reduce further risks to advertising in the near-term.

But, another potential risk looming at Fox is if UK regulators opt to bock its $15 billion acquisition of Sky.

That said, it's not all bad for the multimedia conglomerate.

Credit Suisse is bullish on a "strong tailwind" in domestic cable networks from affiliate renewals, a boost in virtual MVPDs, and "renewed momentum" at STAR India, an Indian media and entertainment company owned by Fox. 

Shares of Fox were rising in late-morning trading on Thursday.

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