UPDATE: World Wrestling Entertainment (WWE) PT Raised to $62 at Benchmark
Benchmark analyst Mike Hickey raised the price target on World Wrestling Entertainment (NYSE: WWE) to $62.00 (from $50.00) while maintaining a Buy rating.
The analyst comments "WWE pre-announced in-line FY20 profit, initiated a FY21 guidance range that captured consensus and announced an exclusive deal with the WWE Network and Peacock. The Network deal with Peacock effectively transitions the business model from a subscription to a fixed content rights fee. FY21 growth consideration includes Peacock transaction, gradual domestic and international live events reset, and an escalation of core content rights fees, offset by near term pressure on live events and merchandising, higher production expenses related to Raw and SmackDown and employee expense growth as furloughs have expired. Normalized FY21 OIBDA range, or ex-virus influence is $310M - $360M (consensus: $297). We believe the Network Peacock deal adds $33M incremental OIBDA and is not coterminous with NBCU’s TV rights fees, which may de-risk F3Q24 expiration."
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