Sphere Entertainment price target raised to $65 from $40 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Sphere Entertainment (SPHR) to $65 from $40 and keeps an Equal Weight rating on the shares. The Wizard of Oz at Sphere “not only looks like a success but it showcases the financial potential for the Las Vegas Sphere,” argues the analyst, who sees the success perhaps attracting external capital to fund additional Spheres. While the firm raised its estimates, it cites the current valuation and still uncertain long-term earnings power for its Equal Weight rating.