Deutsche Bank likes Endeavor’s combination with WWE

Deutsche Bank analyst Bryan Kraft likes Endeavor Group’s (EDR) combination with WWE (WWE) and keeps a Buy rating on the shares with a $35 price target. The deal allows Endeavor to acquire WWE without any equity dilution or increase in financial leverage, the analyst tells investors in a research note. In fact, the transaction is deleveraging by a full turn based on each company’s 2022 year end indebtedness and 2022 EBITDA, contends the firm. It believes the cost synergy opportunity will prove larger than $100M, and that there will be "meaningful revenue synergy opportunities as well."