Benchmark analyst Mike Hickey upgraded Sphere Entertainment (SPHR) to Hold from Sell after the company delivered a “strong” Q4 with revenue and adjusted operating income materially ahead of expectations, reflecting the sustained outperformance of The Wizard of Oz and continued strength in sponsorship and Exosphere monetization. Prior concerns regarding venue concentration, content durability, capital intensity, demand sustainability in smaller markets and MSG Networks subscriber erosion “remain relevant,” but recent execution and visible growth drivers are diminishing several near-term risks, the analyst tells investors.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPHR:
- Sphere Entertainment price target raised to $135 from $105 at Morgan Stanley
- Sphere Entertainment price target raised to $126 from $108 at Goldman Sachs
- Sphere Entertainment price target raised to $127 from $110 at BTIG
- Sphere Entertainment: Sustained Momentum, Expanding Growth Pipeline, and Higher Valuation Support a Buy Rating
- Sphere Entertainment price target raised to $128 from $110 at JPMorgan