Sphere Entertainment price target lowered to $54 from $57 at JPMorgan

JPMorgan analyst David Karnovsky lowered the firm’s price target on Sphere Entertainment (SPHR) to $54 from $57 and keeps an Overweight rating on the shares. The firm views the post-earnings selloff in the shares as “out-of-step” with the company’s fundamental outlook. Forward commentary on the earnings call was generally positive for both top- and bottom-line trends, the analyst tells investors in a research note. JPMorgan says that regarding the MSG Networks term loan, the earnings release highlighted the extension of the forbearance period to March 26, and further that $25M of principal had been paid down using MSG Networks cash on hand.