World Wrestling Entertainment (WWE) PT Raised to $50 at Benchmark
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Benchmark analyst Mike Hickey raised the price target on World Wrestling Entertainment (NYSE: WWE) to $50.00 (from $46.00) while maintaining a Buy rating.
The analyst commented, "WWE delivered better than anticipated F1Q20 performance, exceeding their original quarterly guidance that was retracted due to uncertainties over COVID-19 impact; WWE did not reinstate guidance due to sustained economic uncertainties. WWE has negotiated most of its global TV rights deals and has qualified as an essential business in Florida, providing a contractual path for future growth. We assume their contractual TV rights fees are worth more than the current enterprise value of WWE if we use our pre-virus target multiple; more than sufficiently discounting our evolving view of virus implications. WWE recently announced an aggressive cost containment strategy, an acceptable response considering presumed virus impact, in our view. WWE has achieved a significant reduction in monthly cash burn and does not appear to have any near-term liquidity issues. Declared a quarterly dividend of $0.12"
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