Live Nation, Ticketmaster breakup ‘still appears quite unlikely,’ says Benchmark

After a jury in the 30 state antitrust trial found that Live Nation (LYV) overcharged customers for tickets just five weeks since achieving a satisfactory settlement with the DOJ, Benchmark analyst Matthew Harrigan says the firm is “not surprised that populist bias against Ticketmaster in any jury trial, along with the state AGs’ persistence, has not negated residual antitrust risk.” While it does appear the states will still attempt to persuade the judge to split Ticketmaster from Live Nation, the firm contends that an actual breakup of Live Nation and Ticketmaster “still appears quite unlikely,” especially after the DOJ settlement. The firm has a Buy rating and $190 price target on Live Nation shares.