BofA raised the firm’s price target on TKO Group (TKO) to $200 from $185 and keeps a Buy rating on the shares. The shares’ outperformance year-to-date has been driven by perceived defensiveness to recent macro volatility relative to other companies in media and entertainment, as well as solid execution over the last several quarters, and the continued strength of sports rights, the analyst tells investors in a research note. BofA anticipates another strong quarter from TKO but expects focus will likely be on any additional commentary around upcoming media rights renewals.
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