World Wrestling Entertainment (WWE) PT Lowered to $57 at Benchmark
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Benchmark analyst Mike Hickey lowered the price target on World Wrestling Entertainment (NYSE: WWE) to $57.00 (from $79.00) while maintaining a Buy rating.
The analyst commented, "WWE delivered F4Q19 performance that disappointed consensus and initiated a considerably weak FY20 OIBDA range; primarily reflecting uncertainty around international content agreements and an increase in investment to support the creation of content and brand engagement. The recent management transition and profitability shortfall has shaken investor confidence, essentially providing a clearing event, which we would position opportunistically for long term value creation within a rationalized valuation. The previous clearing event occurred in FY14, where the initial reported WWE Network subscribers post WrestleMania disappointed, followed shortly by an inadequate increase in US TV Rights Fees, which send the stock down 66%; a floor valuation from which the share price increased +930% by FY19. Vince MacMahon may encapsulate a thuggish old school CEO, but professional wrestling is coursing through his veins, and WWE offers an investment opportunity with significant upside, in our view."
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