Sphere Entertainment price target raised to $79 from $69 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Sphere Entertainment (SPHR) to $79 from $69 and keeps a Buy rating on the shares. Sphere Entertainment reported better-than-expected Q3 results that came in above consensus expectations on revenue and adjusted operating income, the analyst tells investors in a research note. The medium-to-long-term fundamental Buy thesis for Sphere remains intact as the economic model around the Las Vegas Sphere continues to be proven out through a ramping content pipeline and improved cost efficiency and supply and demand for live entertainment at an industry level remains robust for compelling content, Goldman says.