Citizens analyst Matthew Condon reiterated a Market Outperform rating and $175.00 price target on Sphere Entertainment (NYSE: SPHR).

The analyst commented, "Sphere Entertainment announced that Yas Island will be the location of Sphere Abu Dhabi. Overall, we view the site as highly attractive given the area’s existing entertainment infrastructure and tourism traffic, and view the expected construction completion by the end of 2029 as broadly in line with our prior expectations, reinforcing our view that the project continues to progress according to plan. We remain confident that Sphere Abu Dhabi can contribute $69M of AOI once operational (see our scenario analysis on page 4 of the attached report). More broadly, we continue to believe Sphere is at the beginning of a meaningful inflection point in its global expansion, as the success of Sphere Las Vegas and The Wizard of Oz are helping to unlock both venue expansion and global content opportunities that can drive estimates and valuation higher over time. We reiterate our Market Outperform rating and $175 price target."

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Shares of Sphere Entertainment closed at $134.84 yesterday.