JPMorgan analyst David Karnovsky raised the firm’s price target on Live Nation (LYV) to $137 from $118 and keeps an Overweight rating on the shares. Live Nation’s capital deployment has shifted toward venue development, the analyst tells investors in a research note. The firm says the company can access incremental and high margin revenue streams, “adding another leg to its traditional growth drivers.” JPMorgan sees a multi-year free cash flow growth opportunity “against a still attractive valuation which has upside” should developments in the Department of Justice lawsuit break favorably.
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