UPDATE: Miller Tabak Reduces PT to $17 on Live Nation Entertainment to Reflect In-Line Q1 Results

Miller Tabak lowers its long-term price target on Buy-rated Love Nation Entertainment

from $18 to $17. Miller Tabak notes, "We are revising our Live Nation Entertainment (LYV-$9.39-Buy-ST Target $12, LT $17) estimates to reflect 1Q12 results that were in-line to slightly-better than expected. We increase events and attendance for an incremental 55 festivals (3 mm expected attendance) the company will produce globally this year. Artist Nation should have a good summer, with Madonna's MDNA tour helping all revenue lines from May 31-Dec. 22. We also revised prior years' divisional results for the recategorization of E-Commerce into Ticketing and Sponsorship/Advertising divisions." LYV closed at $9.39 on Friday.