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“Bring on the Roaring ’20s”: $97 target for LN stock

Initiating coverage of Live Nation, analyst Wolfe Research predicts a multi-year boom period for live entertainment

By IQ on 17 May 2021

Wolfe has set LYV a price target of $97

image © Pixnio (CC0)

Financial research firm Wolfe Research has begun coverage of Live Nation, assigning the company’s stock an ‘outperform’ (ie strong buy) rating ahead of the resumption of live entertainment activity later this year.

In an announcement, titled ‘LYV: Bring on the Roaring 20s – Initiate with Outperform’, that the company is initiating coverage of Live Nation stocks (which trade on the New York Stock Exchange under the symbol LYV), Wolfe analyst John Janedis says the promoter is “poised for a multi-year cycle of strong growth as the reopening accelerates for a business that will have the tailwind of favourable supply/demand and a structurally stronger margin profile coming out of the pandemic”.

“LN will have the tailwind of favourable supply/demand and a structurally stronger margin profile coming out of the pandemic”

Channelling Marc Geiger in predicting a second “roaring twenties” for live entertainment, Janedis says he also sees Live Nation growing its already dominant market share post-Covid-19 “given its scale and vertical positioning within live entertainment”.

Wolfe has given Live Nation shares a price target of US$97 by the end of 2021. At press time, LYV stocks were worth $85.80; they reached an all-time high of $92.86 on 1 March.

Other analysts covering Live Nation stock include JP Morgan, William Blair, Morgan Stanley and Northcoast Research.

 


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