Live Nation (LYV) PT Bumped to $32 at Jefferies Post Q3
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Jefferies analyst John Janedis reiterated a Buy rating and lifted his price target on Live Nation Entertainment (NYSE: LYV) to $32.00 (from $31.00) following results.
Janedis commented, "3Q AOI of $303M beat our $292M (FC: $291M) on strong Concert AOI, driven by a solid line-up and improved on-site revenue which should continue into next year, despite a tough comp. We are tweaking 4Q lower, on timing of events, which still equates to 12% AOI growth for the yr ($643M), with 9% growth in '17 ($703M). We reiterate our Buy rating and believe LYV remains well positioned for HSD/LDD AOI growth for the next few years."
Shares of Live Nation Entertainment closed at $27.69 yesterday.
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