As previously reported, TD Cowen analyst Stephen Glagola initiated coverage of Endeavor Group (EDR) with an Outperform rating and $28 price target. The firm, which expresses “a favorable view” on the catalyst path in the next twelve months, calls out the public listing of TKO Group – which combines Endeavor’s owned UFC with already publicly traded World Wrestling Entertainment (WWE) – as the “topic du jour,” adding that it thinks the market is underappreciating the value of non-TKO assets that include Frieze Art Fair, a major talent representation business and B2B sports betting operations.
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