Vivid Seats target adjusted to $26 at Benchmark after stock split, earnings

Benchmark raised the firm’s price target on Vivid Seats (SEAT) to $26 from $3 and keeps a Buy rating on the shares, noting that the firm’s new target accounts for the 1-for-20 reverse split. The firm continues to view what Stubhub is doing as “economically unsustainable” and at some point in the future when Stubhub’s creditors “get tired of 25%-plus EBITDA declines and increasing leverage,” it thinks Vivid’s “artificially depressed growth and margins reinflate and valuation recovers.”