Benchmark analyst Mike Hickey raised the firm’s price target on Sphere Entertainment (SPHR) to $45 from $35 and keeps a Sell rating on the shares. While the Sphere segment continued to perform well, driven by The Wizard of Oz at Sphere, MSG Networks again contracted, the analyst noted. The firm remains negative on the stock, citing “limited creative depth,” rising concentration risk, high capital intensity, and the “implausibility of replicating Las Vegas economics elsewhere,” the analyst added.
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