Live Nation Entertainment (LYV) PT Raised to $192 at Guggenheim

Guggenheim analyst Curry Baker raised the price target on Live Nation Entertainment (NYSE: LYV) to $192.00 (from $180.00) while maintaining a Buy rating.

The analyst commented: "We are updating our model resulting in modest adjustments to our 1Q AOI estimate (now $340mm vs. $326mm prior), and full-year outlook (now $2.67bn vs. $2.64bn prior). Our key modeling trends for 1Q hold: 1) slightly negative AOI at Concerts, 2) solid double-digit growth at Sponsorship, and 3) flattish Ticketing AOI. Our view is that Ticketing could surprise on the upside (easy 3P supply comps y/y, robust 1Q on sale slate) despite ongoing secondary headwinds and FTC litigation costs. Coming out of the 1Q call, we expect LYV management to continue to sound bullish on the year, reiterate double-digit AOI guidance and frame the recent DOJ settlement for investors (our take is below). We see a particularly strong set-up for Concerts in 2Q and 3Q driven by strong O&O fan growth (both from amps bouncing back towards record levels and the ongoing benefit of new venues). LYV appears well positioned to execute against its mid-term target of double-digit AOI growth into the foreseeable future. PT up to $192 (vs. $180 prior) primarily reflecting higher estimates."

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