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.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPHR:
- Sphere Entertainment: Solid Growth and Proven Concept, but Valuation Upside Appears Limited Supporting a Neutral (Hold) View
- Sphere Entertainment upgraded to Overweight from Equal Weight at Morgan Stanley
- Sphere Entertainment names Felicia Yue as EVP, chief technology officer
- Seaport downgrades Sphere Entertainment to Neutral on valuation
- Sphere Entertainment downgraded to Neutral from Buy at Seaport Research