Live Nation settlement with DOJ a ‘largely positive development,’ says Benchmark

Benchmark analyst Matthew Harrigan calls indications that Live Nation (LYV) has reached a settlement with the DOJ one week into its antitrust suit “a largely positive development” and maintains the firm’s $190 price target and Buy rating. The firm expects a “manageable impact” from settlement conditions relating to Ticketmaster and the supposed mandated disposition of at least ten amphitheatres and views the $200M in damages to the participating states as “also tolerable,” says the analyst, who does not anticipate SeatGeek, Vivid Seats (SEAT) or others will gain much immediate traction in the primary market.