Seaport Research analyst David Joyce downgraded Sphere Entertainment (SPHR) to Neutral from Buy without a price target The firm cites valuation for the downgrade following the recent rally. Seaport continues to like the Sphere’s event volume, pricing, advertising and global growth prospects, but says the shares “need to digest recent gains.” Sphere shares “may be getting a little ahead of themselves after the very strong Wizard of Oz performance to date,” the analyst tells investors in a research note. Sphere is down 47c to $89.39 in after-hours trading.
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Read More on SPHR:
- Sphere Entertainment downgraded to Neutral from Buy at Seaport Research
- Sphere Entertainment price target raised to $105 from $92 at Wolfe Research
- Sphere Entertainment price target raised to $91 from $80 at JPMorgan
- Hold Rating on Sphere Entertainment Amid Strong Wizard of Oz Performance and Valuation Concerns
- Sphere Entertainment says The Wizard of Oz at Sphere sold over 1.5M tickets