BTIG analyst Tyler DiMatteo raised the price target on Sphere Entertainment (NYSE: SPHR) to $190.00 (from $127.00) while maintaining a Buy rating.

The analyst comments "SPHR reported another strong quarter yesterday exceeding expectations once again with the stock up ~6% before paring gains bringing YTD up ~44% as the stock continues to reach new all-time highs. SPHR segment quarterly revenue was ~$266M, which was ~8% above consensus and a touch above the buyside bogey of $260M-$265M from our quarterly preview. Segment adjusted EBITDA was ~$74M vs. consensus ~$53M and exceeded the bogey that we pegged at $60M-$65M. From our conversations, SPHR remains investors top way to play live entertainment in 2026 in an unsettling macro and AI market as existing investors add to positions and new initiate positions over the past few months helping drive the stock higher (numbers moving higher + multiple expansion realization). In our view the set-up has only improved with a beat and raise type model and 2026 numbers looking conservative at this point with investors de-risking numbers (BTIGe +25% top line and +75% EBITDA growth). Key takeaways from the call: 1) The Wizard of Oz (WoZ) surpassed its 500th show in March from its 1st show back in August with nearly ~3M tickets sold for ~$370M in revenue, 2) SPHR expansion plans for Abu Dhabi and National Harbor are progressing while conversations for additional venues both large and small globally remain ongoing, 3) momentum in the concert business has provided some level of visibility into early 2027 with no signs of slowing down as artists add incremental shows, 4) the existing Las Vegas asset still has room to run before it hits full capacity, and 5) the next show From the Edge is still targeted for the end of 2026 or early 2027, but we would not be surprised if it got pushed to 2027 given the momentum in WoZ. We reiterate our Buy rating and increase our PT to $190 from $127."