Vivid Seats price target lowered to $10 from $15 at Benchmark

Benchmark lowered the firm’s price target on Vivid Seats to $10 from $15 and keeps a Buy rating on the shares. It has been a “challenging” 2024 for Vivid Seats and the firm says “unfortunately, our checks suggest 3Q is unlikely to provide any relief.” The firm, which tells investors it has “taken our forecast to the very bottom of the prior guidance range in an attempt to capture all the moving pieces,” still finds that Vivid trades at what it sees as “an artificially depressed EBITDA due a combination of market forces and the ongoing shareholder overhang.”