[ad_1]
Live Nation is a buy and can jump nearly 20% from here, JPMorgan says
Live Nation Entertainment’s efforts to develop venues are an additional growth driver for an already strong company, according to JPMorgan. The firm reiterated an overweight rating on the entertainment stock and raised its price target to $137 per share from $118. JPMorgan’s forecast implies more than 19% upside from Wednesday’s close. “Investment in venues further raises the overall fan experience at the high- and low-end, creating healthy long-term demand and raising artist willingness to tour, especially abroad,” analyst David Karnovsky wrote. He noted that three-quarters of the company’s $650 million 2024 capital expenditures guidance is allocated for venues. “A global leader in live entertainment, ticketing, and talent management services, we see Live Nation as a multi-year free cash flow growth story supported by a management team focused and compensated on continued monetization of artist, tour, and venue content,” the analyst added. Analysts are generally bullish on the Ticketmaster parent company. Of the 22 covering the stock, 18 have either a buy or strong buy rating on it, per LSEG. Year to date, the stock is up more than 22%. LYV YTD mountain LYV year to date
[ad_2]
Source link
#Live #Nation #buy #jump #JPMorgan