Sphere Entertainment (SPHR) PT Lowered to $180 at Guggenheim

Guggenheim analyst Curry Baker lowered the price target on Sphere Entertainment (NYSE: SPHR) to $180.00 (from $208.00) while maintaining a Buy rating.

The analyst comments "We have updated our model to reflect softer Wizard of Oz Experience trends in 3Q (notably in August with leisure travel to Vegas down mid-single digits) and 4Q. Our 2026 Sphere full-year revenue and AOI forecasts are now $956mm (down from $983mm) and $235mm (down from $253mm). We have also lowered our 2027 outlook to $258mm (down from $291mm) reflecting positive cost comps, continued ramping of live event utilization and new sponsorship agreements; offset by more conservative WOZ expectations. Looking ahead to the next few months, the catalyst path remains robust in our view: 1) at least one additional new Sphere announcement, 2) likely a "fourth" piece of content that could debut in late 2027 or early 2028 (we believe it will be globally known franchise IP meant to be the primary WOZ replacement), and 3) additional sponsorship announcements. Lowering PT to $180 (down from $208)."

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