World Wrestling Entertainment (WWE) Begins Touring but No Intl Ops Deal Yet - Needham
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Needham & Company analyst Laura Martin reiterated a Buy rating and $65.00 price target on World Wrestling Entertainment (NYSE: WWE) after the company reported 2Q21 revenue of $265.6 up 19% y/y. Adjusted EPS of $0.34 was down 35% y/y as WWE returned to live event touring on 7/16 with a 25 city tour through labor day with strong ticket demand, so far.
The analyst stated "We are impatiently waiting for a deal to get rid of the international operations of the WWE network which is currently running near 100% of its prior overhead costs without any US OTT revenues, since WWE licensed all its US OTT content rights to CMCSA. We are also waiting for a MENA deal, although political pitfalls have stymied this deal for the past 2 years."
Shares of World Wrestling Entertainment closed at $48.10 yesterday.
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