Sphere Entertainment price target raised to $40 from $35 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Sphere Entertainment (SPHR) to $40 from $35 and keeps an Equal Weight rating on the shares. Sphere segment adjusted operating income came in at a record despite lower Sphere Experiences revenues, notes the analyst, whose price target raise is a result of higher estimates and rolling the firm’s valuation basis to mid-2026.