Wedbush Morgan Reiterates Buy on World Wrestling Entertainment (WWE)
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Wedbush Morgan reiterates its Buy rating and $20 price target on World Wrestling Entertainment (NYSE: WWE).
The firm raised its Q1 earnings estimates on WWE in order to account for a record breaking Wrestlemania. WrestleMania XXIV was the highest grossing live event in WWE history, with tickets selling for $78 and attendance of 74,635, WWE saw more than $5.85 million in ticket sales.
Wedbush's Q1 EPS estimate goes from $0.21 to $0.28, versus the Street consensus of $0.25. The firm said it was maintaining its FY08 EPS estiamte of $0.91. The Street is expecting WWE to report $0.89 for its FY08.
World Wrestling Entertainment, Inc., an integrated media and entertainment company, engages in the sports entertainment operations that develop content centered around its talent and present at live and televised events featuring World Wrestling Entertainment brand. [BCS]
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