Analysts say that these companies are’most immune’ to tariffs.

Key Takeaways

• Deutsche Bank said that the tariffs may increase competition for advertising revenues among telecom, media and cable companies.
• Analysts say that recent trade policies might also help international firms by offering favorable currency exchange rates.
• Firms that appear particularly well-positioned to navigate the environment include Netflix, Comcast, and AT&T, the note said.

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 services is “about as defense as TV media gets,” according to the note. Analysts say that Netflix subscribers tend to stay with the service and can opt for ad-supported packages if they are looking to save money.

Formula One Group (FWONK). The open-wheel racing firm, a Liberty Media subsidiary, has limited operations in America. Its revenue is primarily derived from multi-year sponsorships, race promotion and media rights agreements, according to the note.

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): Deutsche Bank said concert revenue would remain stable if economic conditions worsened due to the strong consumer demand. Live Nation’s “sponsorship & advertising products have little exposure to macroeconomic volatility in the near-term,” analysts added.

AT&T Analysts see the firm as a positive because of the strength in the wider telecommunications sector. The note stated that the sector sells staples, and should be in a position to pass on higher tariff costs.