Albert Fried & Co Initiates Coverage On SFX Entertainment

In a report released Monday, Albert Fried & Co. director of research Rich Tullo initiates coverage on SFX Entertainment

with an Overweight rating and a price target of $11.00 a share. Analyst at Albert Fried like SFX's exposure to Electronic Dance Media (EDM) segment of $15 billion. EDM is said to be a play on Millennial Demographics and the genera is projected to grow in popularity much faster than POP, Country Western, and Rock. SFX is credited for being a play on Social Media, presenting upside potential for attractive FCF on an EV-to-Revenue and EV-to-AOCF basis. Albert Fried analyst believes managements 10B5 share repurchase program signals growth in the company's future and remain very bullish on the multi-year global festivals expansion. Tullo claims SFX Entertainment holds significant upside potential and favorable risk/reward scale.