Formula One Group (NASDAQ:FWONA) was in focus on Thursday after Deutsche Bank upgraded the motorsport company on the back of higher EBITDA and free cash flow estimates and the pending MotoGP acquisition. Shares were fractionally higher in premarket trading. The acquisition — announced last month — should strengthen Formula One Group’s “secularly well positioned business,” analyst Bryan Kraft said. Kraft, who raised his rating on the stock to Buy from Hold and boosted his price target to $83 from $73, said it has multiple levers to grow and should be valued in the low to mid 4% unlevered free cash flow range. As part of the deal, Liberty Media will acquire 86% of MotoGP, with MotoGP management retaining roughly 14% of their equity in the business. The deal has an enterprise value of €4.2 billion and an equity value of €3.5 billion. MotoGP will be attributed to Liberty Media’s Formula One Group tracking stock, Liberty Media said. Analysts are largely bullish on Formula One Group (FWONA). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a STRONG BUY. Conversely, Seeking Alpha’s quant system, which consistently beats the market, rates FWONA a HOLD.