World Wrestling Entertainment (WWE) PT Raised to $65 at Needham & Company

February 5, 2021 6:58 AM EST
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Price: $56.74 +0.67%

Rating Summary:
    16 Buy, 11 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 20 | New: 68
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Needham & Company analyst Laura Martin raised the price target on World Wrestling Entertainment (NYSE: WWE) to $65.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "We raise our WWE rev estimate for 2021, thanks to WWE's new Peacock deal, but lower our EBITDA estimate owing to higher production costs coupled with minimal in-venue attendance. We raise our PT because WWE's Peacock deal meaningfully lowers revenue risk for the next several years, plus we believe WWE's OTT network content will soon be licensed globally, which would give WWE shareholders over 80% revenue visibility for the next 4 or 5 years."

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