BofA lowered the firm’s price target on Vivid Seats (SEAT) to $8 from $20 and keeps an Underperform rating on the shares. The firm notes Q3 metrics were impacted by competition, with GOV contracting -29% year-over-year. Management’s initial 2026 outlook is for $2.2B-$2.6B in GOV, with the midpoint well below Street’s prior estimate of $2.8B. For Q4, BofA lowers its GOV/revenue estimate by 12%/10% to $705M/$149M, reflecting continued competitive pressures and marketplace take rates compressing year-over-year.
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