Morgan Stanley analyst Benjamin Swinburne lowered the firm’s price target on Sphere Entertainment (SPHR) to $32 from $45 and keeps an Equal Weight rating on the shares. The firm lowered estimates to factor in more conservative expectations at the Las Vegas Sphere and broader de-rating of live entertainment comps and also sync up future Knicks and Rangers rights fees with its published estimates for MSG Sports (MSGS), the analyst tells investors. Key to accelerating growth will be the immersive Wizard of Oz show that opens on August 28, the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPHR:
- Cautious Outlook on Sphere Entertainment: Hold Rating Amid Modest Financial Performance and Adjusted Price Target
- Sphere Entertainment Director Carl E. Vogel to Step Down
- Optimistic Growth Prospects for Sphere Entertainment Amidst Market Underestimation
- Sphere Entertainment initiated with a Buy at Goldman Sachs
- Sphere Entertainment unit and lenders enter forbearance agreement