Live Nation Entertainment well-positioned for above-trend growth - Roth MKM
Roth MKM analysts lifted Live Nation Entertainment (NYSE:LYV) to Buy from Neutral, raising the price target to $114 from $92 per share in a note Friday, saying they expect the above-trend growth to continue.
The outlook remains strong with upside potential, according to the firm, with positive secular demand for live events/concerts positioning Live Nation well for above-trend growth over the next several years.
Analysts also noted that there is considerable optimism for the company entering 2024.
«Robust demand which is being fueled by a growing supply of touring artists, the globalization of the music, and Live Nation's expanding geographic presence should continue for the next few years,» added analysts.
«To that point, we believe our above consensus revenue and AOI estimates should prove conservative,» they continued. «In addition, we anticipate the DOJ's investigation of Live Nation will achieve a resolution this year, with minimal impact, which should remove a valuation overhang.»
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