Sphere Entertainment shares rise after Wolfe's 'outperform' upgrade Oct. 02, 2024 3:53 PM ET By: Ahmed Farhath , SA News Editor [Seeking Alpha]
Sphere Entertainment Co. Class A (SPHR)
Company Research
Source: Seeking Alpha
) to "outperform" from "peer perform" on Wednesday. Shares of the company rose as much as 7.6% during session. "While Vegas per show economics for Experiences have declined since opening, the venue should benefit from a larger content library in years to come. At the same time, the company appears very close to a deal for a new venue," the research firm said. Wolfe expects Sphere to drive ~$700M in value per new venue built based on expectation that the company will take a 10% royalty on ~$500M in sales at a 95% incremental margin. "The Sphere business model and cost base is designed for growth, and Wolfe believes the Vegas venue has done more than enough to prove the economic viability of a Sphere to prospective venue builders," the research firm added. SPHR has a PT of $60, implying an upside of 37% . Shares are up 29% YTD while the S&P 500 is up 20% More on Sphere Entertainment Sphere Entertainment Co. (SPHR) Q4 2024 Earnings Call Transcript Sphere Entertainmen
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- Sphere Entertainment Co. (NYSE: SPHR) was upgraded by analysts at Wolfe Research from a "peer perform" rating to an "outperform" rating. They now have a $60.00 price target on the stock.MarketBeat
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