Maxim Group Maintains a 'Buy' on Live Nation Entertainment (LYV); Madonna and Lady Gaga Help Drive Concert Ticket Sales

May 10, 2012 1:21 PM EDT
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Price: $27.51 -0.54%

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Maxim Group maintains a 'Buy' on Live Nation Entertainment (NYSE: LYV) price target of $14.00.

Analyst, Nirav Modi, said, "Lady Gaga and Madonna help drive concert ticket sales (January-April) up 23% y/y; LYV reports 1Q12 results inline with estimates...Given the changes in the Ticketing and Concerts business over the last three years, we are being conservative and are maintaining our FY12 revenue estimate of $5.4B (up 1% y/y), vs. the consensus estimate of $5.5B. Our adjusted operating income (AOI) estimate is $477M (up 9% y/y) vs. consensus EBITDA estimate of $475M. Despite the concert ticket sales increase of 23% y/y, the company estimates that full-year concert ticket sales should to increase in the mid- to high-single digits and predicts solid concert AOI growth."

For an analyst ratings summary and ratings history on Live Nation Entertainment click here. For more ratings news on Live Nation Entertainment click here.

Shares of Live Nation Entertainment closed at $8.31 yesterday.

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