Guggenheim Securities analyst Michael Morris on Thursday upgraded his rating on Fox Corp.'s stock from "neutral" to "buy" and downgraded Walt Disney from "buy" to "neutral" in a report that updated his financial forecasts for entertainment industry companies "to better reflect the impact of COVID-19 behavioral changes on revenue drivers and additional diligence on key cost considerations." He highlighted that Fox's primary immediate risk was from advertising exposure, estimating that about 43