Goldman Sachs initiated coverage of Sphere Entertainment (SPHR) with a Buy rating and $42 price target The firm believes the market is currently underappreciating two key aspects of the company’s growth story and over-estimating a potential risk. Specifically, Goldman believes the market is underappreciating the opportunity for the Las Vegas Sphere to continue to reinvent itself with new content and improve execution; underappreciating the opportunity to add traditional Sphere franchises around the globe, and; overestimating the likelihood that a workout of the MSG Networks debt will be value destructive.
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Read More on SPHR:
- Sphere Entertainment unit and lenders enter forbearance agreement
- Sphere Entertainment price target lowered to $40 from $45 at Macquarie
- MSG Family of Companies and PepsiCo expand multi-year agreement
- Sphere Entertainment price target lowered to $54 from $57 at JPMorgan
- Cautious Optimism for Sphere Entertainment Amid Uncertainties: Hold Recommendation
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