StubHub initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of StubHub (STUB) with an Outperform rating and $23 price target The firm’s proprietary consumer survey shows continued strong demand for live events, assuming no recession. Oppenheimer is forecasting 6% 2025 GMS resale growth, +28% ex one-time all-in-pricing headwind and Taylor Swift tough comp, with a +17% 2024-2028 reported CAGR. Catalysts include stronger than expected consumer demand, faster unwind of all-in-pricing headwind, potential Taylor Swift tour announcement and direct issuance/advertising execution.