These Telecom, Media, and Cable Firms Are ‘Most Immune’ to Tariffs, Analysts Say

Deutsche Bank named a handful of telecom, media, and cable companies it sees as the “most immune” to tariffs in a note published Tuesday.

Higher import taxes are expected to shake up the sector, increasing competition for ad revenue, and offering a leg up—through favorable currency exchange rates—to international firms, analysts said.

Here are some of the companies Deutsche Bank says are most likely to come out on top, and a look at what’s behind the bullishness:

Netflix (NFLX): The video-streaming service is “about as defensive as TV media gets,” the note said. Viewers tend to stick with Netflix and can move to ad-supported subscriptions if they want to cut back on spending, analysts said.

Formula One Group (FWONK): The open-wheel racing company, a subsidiary of Liberty Media, has limited operations in the U.S., and the majority of its revenue comes from multi-year sponsorship, race promotion, and media rights contracts, the note said.

Comcast (CMCSA): The telecommunications and entertainment giant’s Connectivity & Platforms business, which includes broadband, “should hold up very well,” analysts said. The segment may counteract slumps in revenue from the firm’s Content & Experiences unit, which “is exposed to macroeconomic pressures due to advertising exposure, theme parks, and box office.”

Live Nation Entertainment (LYV): Concert revenue is likely to remain resilient if economic conditions worsen thanks to particularly strong consumer demand, Deutsche Bank said. Live Nation’s “sponsorship & advertising products have little exposure to macroeconomic volatility in the near-term,” analysts added.

AT&T (T): Analysts view the firm favorably because of strength in the broader telecommunications industry. The sector sells staples and should be positioned to pass on higher costs brought on by tariffs, the note said.