WWE recent selloff may be overdone, says Citi

Citi says shares of WWE have fallen 15% following reports that Saudi Arabia’s Public Investment Fund invested in UFC’s competitor, the Professional Fighters League. While the investment may ultimately lead to heighted competition, the recent weakness in WWE shares may be overdone, says Citi, who views the stock as an “attractive buy on the weakness.” The firm says Saudi Arabia’s investment in the Professional Fighters League is only 1/20th the size of its investment in LIV Golf. The capital will mostly fuel expansion into the Middle East rather than attract prominent fighters away from the UFC, Citi contends. It keeps a Buy rating on WWE with a $125 price target.