Vivid Seats downgraded to Neutral from Buy at Citi

Citi analyst Jason Bazinet downgraded Vivid Seats (SEAT) to Neutral from Buy with a price target of $13, down from $32. The firm sees the broker ticket enforcement by the Federal Trade Commission reducing the size of the secondary ticket market. The FTC’s actions could reduce Vivid’s adjusted EBITDA by $65M, the analyst tells investors in a research note.