BofA lowered the firm’s price target on Sphere Entertainment to $43 from $45 and keeps a Neutral rating on the shares. Analysis of Sphere’s Ticketmaster data indicates calendar year Q3 revenue and AOI will decline sequentially due to a reduction in Postcard shows and soft results from the first immersive concert film, V-U2, the analyst tells investors. The success of the venue will be highly dependent on original content, but due to the uniqueness and novelty of its original content offerings, it is difficult to assess the true earnings potential, the analyst contends.
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