BofA analyst Brent Navon raised the firm’s price target on TKO Group (TKO) to $185 from $175 and keeps a Buy rating on the shares. The company reported strong Q1 results, which included the recently acquired Endeavor assets, that beat revenue and adjusted EBITDA forecasts for both UFC and WWE, the analyst tells investors in a research note. The firm remains encouraged by the longer-term trajectory of fundamentals, saying TKO appears well positioned for its upcoming media rights renewals while additional drivers in live events and sponsorship revenues “appear to have a long runway for future growth.”
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