Sphere Entertainment initiated with a Buy at Craig-Hallum

Craig-Hallum analyst Ryan Sigdahl initiated coverage of Sphere Entertainment (SPHR) with a Buy rating and $75 price target The Sphere is disrupting the traditional venue model with “awe-inspiring” and immersive live events and unique original “Sphere Studios” shows, but one that can charge premium pricing, have significantly better utilization, and generate substantial advertising revenue via the Exosphere, the analyst tells investors in a research note. The firm believes the stock has $200+/share potential long-term.