Sphere Entertainment initiated with a Neutral at BTIG

BTIG initiated coverage of Sphere Entertainment (SPHR) with a Neutral rating. The immersive experiences market should have a long growth tail and provide above-average entertainment industry growth, with Sphere positioned to capture secular demand for experiential events, though cash flow could be volatile near-term as sluggish consumer trends in Las Vegas could put pressure on overall ticket pricing and show demand, the analyst tells investors in a research note. BTIG adds that following the 30% stock run-up over the past month, valuation seems balanced from a risk-reward perspective.