Vivid Seats price target lowered to $3 from $6 at Benchmark

Benchmark analyst Daniel Kurnos lowered the firm’s price target on Vivid Seats (SEAT) to $3 from $6 and keeps a Buy rating on the shares after what the firm says was “a terrible quarter for Vivid Seats.” While the firm adds that it “cannot call this a full-on crisis,” it believes that after last quarter where the company thought the competitive pressures had peaked, it suspects Stubhub pulled its IPO, got approval from its backers, and “leaned even harder into performance channels,” leaving Vivid’s GOV down 20% in the quarter and “likely not improving much in the near future.” However, with a buyback in place and still solid profitability, plus the likelihood that the market returns to normal sometime in the next 12-24 months, “there does not seem to be any point in throwing in the towel,” the analyst tells investors.