Seaport Research lowered the firm’s price target on TKO Group (TKO) to $135 from $137 and keeps a Buy rating on the shares. The firm is reducing its price target on the stock for the impact of issuing $3.25B of equity to parent Endeavour (EDR), but the firm does not believe the shares should be trading down so much on the deal news that TKO will be buying sports assets held at Endeavour, the analyst tells investors. The firm believes this is a logical reallocation of assets and expects it will create value over time.
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