Bank of America double downgraded Fox Corp from buy to underperform today. They assigned a $45 price target, which is the lowest on Wall Street. The analysts are concerned about Fox's heavy reliance on the NFL. Upcoming contract negotiations could cut earnings by roughly 20% if rights fees increase. Unlike Disney or Comcast, Fox doesn't have a diverse streaming ecosystem to cushion the financial impact. The report suggests Fox faces a difficult choice between paying significantly more to compete with tech platforms or risking the loss of rights entirely. Fox shares closed down at $54.12. BofA is currently the only firm with a sell rating on the stock.