The analyst said Fox’s Sunday NFL game TV ratings declined 7 percent year over year during the first five weeks of the season.

“NFL ratings [are] weak so far,” he wrote. “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.”

As a result, Sheikh reduced his first-quarter earnings per share estimate for the company to 46 cents from 48 cents. He also lowered his forecasts for fiscal 2018 and 2019 earnings per share by 1 percent.