Citi analyst Jason Bazinet lowered the firm’s price target on Live Nation Entertainment to $89 from $110 and keeps a Buy rating on the shares. Investors have three concerns: the sustainability of results given post-COVID strength, macro weakness crimping consumer demand, and the Department of Justice investigation, the analyst tells investors in a research note. The firm believes the recent demand strength can continue through 2025, saying Live Nation is still trending relatively in line with pre-COVID trends. It suspects “some modest recessionary risk is possible,” but says this may be priced into the equity at current levels. Citi also believes the DOJ investigating risks are “de minimis” following Live Nation’s decision to embrace all-in ticket pricing. The firm says it is “less worried than the bears.”
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