Roth/MKM analysts raised their rating of Live Nation Entertainment (NYSE:LYV) from Neutral to Buy, adjusting the price target to $114.00 from the earlier $92.00.
The analysts mentioned that the outlook for Live Nation remains robust with significant upside potential. The ongoing strong demand for live events and concerts is expected to position Live Nation favorably for higher-than-average growth in the upcoming years. The analysts believe that their revenue and AOI estimates, which are already above the consensus, might still be understated.
The analysts also anticipate that the DOJ’s investigation into Live Nation will be resolved this year with minimal impact, which should alleviate a major valuation concern.