Citizens analyst Matthew Condon raised the price target on Sphere Entertainment (NYSE: SPHR) to $175.00 (from $150.00) while maintaining a Market Outperform rating.

The analyst commented, "Sphere Entertainment reported strong 1Q26 results, with revenue coming in ~5% above consensus and AOI ~25% ($22 million) above consensus. The Sphere in Las Vegas continues to perform exceptionally well, providing a compelling blueprint for future venues. Demand for the Wizard of Oz remains robust and is catalyzing increased interest from additional IP holders looking to bring their content to the venue. Beyond Sphere Experiences, concert residency and branded event demand also remains healthy, underscoring the broad consumer appetite for the unique and unrepeatable experiences the Sphere venue offers. On the expansion front, the Abu Dhabi Sphere is nearing construction, while the National Harbor venue remains on track and could open in under four years. With the Las Vegas Sphere having validated the venue's business model, Sphere Entertainment is in active discussions with a significant number of markets globally regarding both large- and smaller-scale venues—giving us confidence in the company's path toward building a global network of venues powered by its proprietary technology and immersive content. Overall, we believe Sphere is at the beginning of a meaningful inflection point in its global expansion, which has the potential to drive estimates and valuation higher, and we believe this quarter further validates the sustained consumer demand for the Sphere venue. We reiterate our Market Outperform rating and raise our price target to $175 from $150."