World Wrestling Entertainment (WWE) Stabilization Likely to be Thursdays Call Focus, Guggenheim Reiterates Buy

Guggenheim analyst Curry Baker reiterated a Buy rating and $85.00 price target on World Wrestling Entertainment (NYSE: WWE) after the company announced that Co-Presidents George Barrios and Michelle Wilson departed the company. Frank Riddick (11-year board member) was named interim CFO and the company has commenced a search for both a permanent CFO and CRO.

The analyst stated "The departures do not change our financial outlook for 2020". "Chairman and CEO Vince McMahon's interest are wholly aligned with shareholders. Mr. McMahon is WWE's largest shareholder, with his family owning all Class B shares (31.1mm shares translating to $1.94bn as of yesterday's close). Despite the current volatility, no one benefits more from stabilizing WWE's share price than Mr. McMahon. We expect he will take action to reassure investors on next Thursday's 4Q earnings call."

For an analyst ratings summary and ratings history on World Wrestling Entertainment click here. For more ratings news on World Wrestling Entertainment click here.

Shares of World Wrestling Entertainment closed at $47.40 yesterday.

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