World Wrestling Entertainment (WWE) PT Lowered to $88 at Needham & Company

Needham & Company analyst Laura Martin lowered the price target on World Wrestling Entertainment (NYSE: WWE) to $88.00 (from $100.00) while maintaining a Buy rating.

The analyst commented, "Although WWE is one of our favorite OTT names owing to downside protection from 40% of its 2020E revenue effectively guaranteed by Comcast and FOXA, we lower our 2020E revenue and OIBDA estimates based on uncertainty around WWE’s Offshore Content Rights deals. WWE has renewed the UK, China and LatAm, but not India (WWE’s 3rd largest media rights deal) even though the current India deal ends on 1/1/20. Further, WWE has stated it will not give guidance for Offshore Content Rights until all 5 regions (including the Middle East) are signed, which adds risk to our 2020 estimates. Therefore, without better visibility, we lower our Offshore Content Rights estimate to $152mm (from $208mm), which lowers our 2020 OIBDA estimate to $409mm (from $433mm). As a result, we lower our 12-month price target to $88/share (from $100/share)."

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