World Wrestling Entertainment (WWE) Begins Touring but No Intl Ops Deal Yet - Needham

July 30, 2021 7:33 AM EDT
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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."

For an analyst ratings summary and ratings history on World Wrestling Entertainment click here. For more ratings news on World Wrestling Entertainment click here.

Shares of World Wrestling Entertainment closed at $48.10 yesterday.

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