Goldman Sachs Lowers PT On Live Nation Entertainment To $11.50

Goldman Sachs has published a research report on Live Nation Entertainment LYV after the company reported guidance that outweighs positive trends for the near-term. In the report, Goldman Sachs writes "Given a guidance update on 1/26/11, Live Nation reported 4Q2010 adjusted operating income (AOI) in-line with expectations and provided positive data points for the business so far in 2011, though, unexpectedly, the company did not give full year guidance other than if attendance grows, AOI should also grow. 4Q2010 revenue, adjusted operating income, and EPS of $1.24 bn, $57 mn, and ($0.72) compared to our estimates of $1,090 mn, $56 mn, and ($0.22). Free cash flow to equity of ($21) mn was worse than our ($7.5) mn estimate due to higher cash taxes. Our 2011/12/13E EPS are now ($0.05)/$0.30/$0.49 from ($0.03)/$0.42/$0.61 due to better top-line trends offset by higher opex, higher D&A, and a potential NFL lockout." Goldman Sachs maintains Neutral rating and has lowered the price target from $12.50 to $11.50. Live Nation Entertainment closed yesterday at $10.63.