Live Nation Entertainment Shares Are On The Rise Today: Here's What's Going On

Shares of Live Nation Entertainment Inc. LYV are trading higher Tuesday after the company posted third-quarter financial results. Multiple analysts also raised price targets following the print. Here’s what you need to know.

What To Know: Live Nation reported revenue of $7.65 billion for the third quarter, slightly below analyst estimates of $7.77 billion. The company posted earnings per share of $1.66, in line with expectations, according to Benzinga Pro.

Live Nation’s operating income was $640 million. Adjusted operating income totaled $910 million, up 39% year-over-year. The company also noted its highest-ever concert profitability this quarter.

Live Nation has sold 144 million tickets for 2024 concerts through October, a 3% increase compared to the same period last year. Ticketmaster's transacted ticket sales for October were up 15% in total volume, and 23% specifically for concerts. Sponsorship revenue grew by 6% in the quarter, with most annual sponsorship commitments already secured.

"We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating," CEO Michael Rapino said.

Rapino also pointed toward an expanding pipeline for 2025, with increased stadium, arena and amphitheater shows.

Analyst Reactions: Following Live Nation’s third-quarter report, several analysts raised their price targets:

• Benchmark's Matthew Harrigan raised the price target from $132 to $144, maintaining a Buy rating.
• Evercore ISI's Ashton Welles reiterated an Outperform rating, raising the price target from $110 to $150.
• Oppenheimer's Jed Kelly increased the price target from $120 to $155, maintaining an Outperform rating.
• TD Cowen’s Doug Creutz raised the price target from $108 to $145, maintaining a Buy rating.
• Guggenheim’s Curry Baker maintained a Buy and raised the price target from $130 to $146.

LYV Price Action: Live Nation Entertainment shares were up 4.35% at $129.12 at the time of writing, according to Benzinga Pro.

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