TKO Group price target raised to $126 from $103 at JPMorgan

JPMorgan raised the firm’s price target on TKO Group to $126 from $103 and keeps an Overweight rating on the shares. The analyst increased estimates to reflect the company’s updated guidance, which includes a $25M rights agreement with NBC Universal for Raw in Q4. The firm sees revenue upside and believes its model conservatively captures potential expense growth associated with talent or production costs. It sees “continued runway” for revenue synergies, a strong product, supportive backdrop for sports rights, and eventual capital returns for TKO.