Shares of Live Nation Entertainment Inc LYV rose in early trading on Friday, after the company reported record-breaking quarterly results.
The company is likely to benefit from strong concert demand continuing into 2024, according to Oppenheimer.
The Live Nation Entertainment Analyst: Jed Kelly maintained an Outperform rating for Live Nation Entertainment while raising the price target from $110 to $115.
The Live Nation Entertainment Thesis: The company’s 2024 event pipeline is up from what the 2023 pipeline looked like last year, Kelly said in the note.
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Live Nation Entertainment's deferred revenue has also accelerated to +37% year-on-year, from 28% in the previous quarter, the analyst stated. “Additionally, '24 revenue benefits by not comping '22's COVID re-openings and last November's Eras Tour Ticketmaster sales,” he added.
“FY outlook forecasts 3Q fans growing DD, but appears conservative in 4Q (flat-LSD growth),” Kelly further wrote.
LYV Price Action: Shares of Live Nation Entertainment are up by 3.66% to $100.54 at the time of publication Friday.
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