Guggenheim starts TKO Group with a Buy, bullish on renewals

As reported last night, Guggenheim analyst Curry Baker initiated coverage of TKO Group with a Buy rating and $130 price target. The new pure-play, global, live sports “powerhouse” features the “two iconic brands” of the UFC and WWE and the firm’s thesis on TKO – as highlighted previously through its coverage of Endeavor Group (EDR) and (WWE) WWE – is unchanged, the analyst tells investors. Guggenheim remains “bullish” on what it views as the “two biggest potential catalysts” ahead, namely the U.S. media rights renewal process for the WWE that is underway and UFC’s next year.