BofA starts Sphere Entertainment with a Neutral rating, $43 target

As previously reported, BofA initiated coverage of Sphere Entertainment with a Neutral rating and $43 price target. While the firm believes there could “eventually” be significant upside potential for Sphere, given the uniqueness and novelty of its offering, the firm calls it difficult to fully handicap the outcome and timing since disruptive tech “threads the fine line of big opportunities and big risks,” the analyst tells investors. At this time, the firm thinks Sphere shares accurately reflect a “proper balance” between risk and reward, the analyst added.