Wolfe upgrades Sphere to Outperform, says arrived at ‘just the right moment’

Wolfe Research upgraded Sphere Entertainment to Outperform from Peer Perform with a $60 price target One year since the grand opening of the Las Vegas Sphere, the concept proposes 20%-plus Return on Invested Capital to developers of new Spheres while expanding experiences content will benefit Las Vegas and future developers, says the analyst, who sees “minimal expansion upside” priced into stock. Live entertainment is gaining steam, and the Las Vegas Sphere has “arrived at just the right moment,” argues the analyst, who says Sphere has shown early signs of success in proving its core value propositions of being a more utilized, efficient and profitable venue relative to a traditional arena.