J.P. Morgan analyst David Karnovsky reiterated an Overweight rating on the shares of Sphere Entertainment Co (NYSE:SPHR) and lowered the price target from $57.00 to $54.00.
The analyst has revised the estimates for SPHR following their fourth-quarter earnings report.
The Sphere segment’s AOI came in at -$1 million (or +$4 million excluding management transition costs), which was better than the analyst’s forecast of -$10 million, primarily due to stronger contributions from residencies.
During the call, management expressed confidence in the upcoming Experience show, expected to launch in third-quarter, and noted strong year-end demand for Exosphere, which has carried over into the current quarter.
Additionally, they highlighted growing artist interest in performing at the venue. …
