Citi raised the firm’s price target on Endeavor Group (EDR) to $32 from $27.50 and keeps a Neutral rating on the shares. In April, Endeavor offered $27.50 per share to existing shareholders and since then, TKO Group (TKO), which is majority owned by Endeavor, has seen its equity rise 40%, the analyst tells investors in a research note. As a result, Endeavor shares now trade at $30.50, above the initial offer price, Citi points out. It believes this reflects investors’ belief that Endeavor may need to increase its offer. Citi agrees and upped the price target.
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