In a report released today, Peter Henderson from Bank of America Securities reiterated a Buy rating on Live Nation Entertainment (LYV – Research Report), with a price target of $175.00.
Peter Henderson’s rating is based on several compelling factors that highlight the resilience and growth potential of Live Nation Entertainment. The live music industry has shown a remarkable ability to withstand economic downturns, as it is less cyclical compared to other consumer spending areas. This resilience is attributed to the scarcity of live events, the relatively low cost of concert tickets, and the memorable experiences they offer, which do not necessitate significant travel expenses.
Additionally, the secondary ticketing market, which is substantial in size, provides a buffer against economic downturns. Live Nation’s efforts to reduce ticket scalping and improve bot protections are seen as positive steps. Furthermore, the company is well-positioned to benefit from global growth, particularly in emerging markets, an expanding venue footprint, and the increasing popularity of live events driven by social media and streaming services. These factors, combined with rising sponsorship opportunities, make Live Nation an attractive investment with a price objective of $175, reflecting its potential for growth and stability.
In another report released on April 1, Benchmark Co. also maintained a Buy rating on the stock with a $178.00 price target.
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of LYV in relation to earlier this year.