Morgan Stanley analyst Benjamin Swinburne lowered the firm’s price target on Sphere Entertainment (SPHR) to $32 from $45 and keeps an Equal Weight rating on the shares. The firm lowered estimates to factor in more conservative expectations at the Las Vegas Sphere and broader de-rating of live entertainment comps and also sync up future Knicks and Rangers rights fees with its published estimates for MSG Sports (MSGS), the analyst tells investors. Key to accelerating growth will be the immersive Wizard of Oz show that opens on August 28, the analyst added.
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