Jefferies Bumps Up Price Target On Live Nation By 21%

November 5, 2021 4:34 PM | 1 min read

Jefferies analyst David Katz raised the price target on Live Nation Entertainment Inc LYV to $125 from $103, implying a 0.9% upside, and reiterated a Buy on the shares following Q3 results that he said reflect "robust growth in concert activity backed by outsized fan growth."
While Katz contends that Live Nation "defines the consumer recovery as well as any names in our coverage," he also argues that its "growing leadership in live entertainment globally" warrants a growing premium.
Live Nation reported third-quarter FY21 revenue of $2.7 billion, beating the consensus of $2.1 billion. It clocked $184 million in revenue in Q3 FY20.
Revenue from concerts was $2.15 billion. EPS of $0.19 beat the consensus loss of $(0.06).
Price Action: LYV shares closed higher by 15.2% at $123.8 on Friday.