TKO Group Holdings (TKO) PT Raised to $121 at Roth/MKM

Roth/MKM analyst Eric Handler raised the price target on TKO Group Holdings (NYSE: TKO) to $121.00 (from $112.00) while maintaining a Buy rating.

The analyst comments "Starting the year off well: TKO reported better-than-expected 1Q results and raised its full-year guidance. Upside was seen from UFC and WWE along with meaningful margin improvement. Our higher 2024 forecast reflects the 1Q outperformance along with $25mn from a one-quarter WWE Raw extension with USA Network. With key overhangs out of the way, fundamentals can shine with multiple growth opportunities (rights fees, sponsorships, site fees) from both brands. Raising PT from $112 to $121 (16x/12x our 2025E/2026E adjusted EBITDA)."

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