Live Nation price target raised to $180 from $165 at Oppenheimer

Oppenheimer raised the firm’s price target on Live Nation (LYV) to $180 from $165 and keeps an Outperform rating on the shares after the company reported Q2 AOI 5% above the Street and reiterated double-digit profitability growth on solid Concert Segment demand, benefiting from higher Stadium/Venue-Nation contributions. Biggest investor pushback is Q2 Ticketing growing low-single-digit. However, Oppenheimer attributes the underperformance to higher O&O venue mix requiring recognizing the revenue on the show date, where TM deferred revenue is +22% year-over-year. The firm sees results indicative of a durable compounder benefiting from a top-tier competitive moat in Consumer Services.