BofA raised the firm’s price target on Sphere Entertainment (SPHR) to $95 from $48 and keeps a Neutral rating on the shares. The operational narrative for Sphere has shifted from experimental venue to a proven entertainment platform due to the success of the Wizard of Oz, argues the analyst. However, while the long-term thesis is “more robust than ever,” appreciation in the share price suggests the market is already underwriting limited Oz decay and additional franchise venues, the analyst added.
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