Analyst Matthew Harrigan from Benchmark Co. maintained a Buy rating on Live Nation Entertainment (LYV – Research Report) and keeping the price target at $178.00.
Matthew Harrigan has given his Buy rating due to a combination of factors surrounding Live Nation Entertainment’s strategic positioning and market dynamics. The recent Executive Order from the White House targeting secondary market ticket scalpers is seen as a positive step, aligning with Live Nation’s efforts to enhance transparency and fairness in ticket pricing. This order, which addresses the enforcement of the BOTS Act, is expected to curb unfair practices in the secondary ticket market, a move supported by Live Nation’s CEO.
Additionally, Live Nation’s technological advancements, such as Ticketmaster’s anti-bot systems, are crucial in tackling issues related to secondary market malfeasance. While the Executive Order may introduce some uncertainties with potential new legislation, it also underscores the administration’s focus on addressing consumer concerns over ticket pricing. Despite ongoing challenges, including a DOJ antitrust lawsuit, Live Nation’s proactive stance in the market and its alignment with regulatory efforts contribute to the positive outlook and the Buy rating.
According to TipRanks, Harrigan is an analyst with an average return of -1.9% and a 50.84% success rate. Harrigan covers the Communication Services sector, focusing on stocks such as Grupo Televisa, S.A.B., Live Nation Entertainment, and Netflix.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $175.00 price target.