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Key Takeaways
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Shares of Live Nation rose on Monday after analysts from Bank of America lifted their price target for the stock.
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Bank of America analysts now have a price target of $175 for the stock, which exceeds current record-high levels.
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The entertainment and ticket sales company reported earnings last week, showing "strong demand and supply trends," according to the analysts.
Live Nation Entertainment (LYV) was one of the biggest gainers in the S&P 500 on Monday after Bank of America analysts lifted their price target for the entertainment stock.
The parent of its namesake event management brand and Ticketmaster reported solid earnings last week, along with "several positive updates around 2025 [that] strengthen our view that strong demand and supply trends remain in place for the company and the live entertainment industry," the analysts wrote Monday.
They reiterated a "buy" rating and lifted their price target for the stock to $175 from $149 previously, predicting gains even further above Live Nation stock's current all-time high levels. Live Nation set an intraday record on Friday of $157.75, but closed lower. Shares were up about 4% recently Monday at $155.57, which would be a record close and a gain of more than 60% from the same time last year.
Q4 Earnings Showed 'Numerous Strong Indicators'
The BofA analysts said the earnings and Live Nation's projections for 2025 were strong due to growth in future stadium shows, current ticket-sales trends for 2025 tours, and growth in sponsorship revenue. The "numerous strong indicators" led them to lift their profit forecasts because of "improved visibility into the company's 2025 and longer-term growth potential."
"We view LYV as an attractive opportunity to own a growth-oriented, live entertainment company benefiting from favorable supply and demand trends," the analysts said.
All eight analysts who follow Live Nation and are tracked by Visible Alpha rate the stock as a "buy," with BofA analysts now above the average price target of $166.63.
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