Sphere Entertainment price target raised to $45 from $42 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Sphere Entertainment to $45 from $42 and keeps an Equal Weight rating on the shares. Though the firm trimmed Sphere estimates on lower Postcards revenue, it raised its price target on rolling forward valuation to FY25. Key catalysts ahead include news and details around a second Sphere and a resolution on the October MSG Networks term loan maturity, the analyst noted.