UPDATE: Benchmark Downgrades World Wrestling Entertainment (WWE) to Hold
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(updated to add analyst comments)
Benchmark analyst Mike Hickey downgraded World Wrestling Entertainment (NYSE: WWE) from Buy to Hold.
The analyst commented, "We have reduced our rating from Buy to Hold, as we suspect on-going material pressure from the COVID-19 situation could have a sustained negative impact on financial performance. We suspect that several live events will be canceled including the upcoming WrestleMania 36 planned for April 5th in Tampa. We are also cautious over the potential for content development delays as we have witnessed from both Hollywood studios and OTT providers and the shutdown of MLB, NHL, NCAA, PGA, MLS and XFL sports franchises related to the necessity for social distancing. WWE retracted its F1Q20 and FY20 financial guidance, a material consideration on top of recent executive departures. WWE has both available cash and debt capacity, which currently totals more than $500M."
Shares of World Wrestling Entertainment closed at $35.86 yesterday.
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