Emerald Holding initiated with a Buy at Maxim

Maxim analyst Allen Klee initiated coverage of Emerald Holding with a Buy rating and $12 price target. The analyst states that a rebound in live events, significant free cash flow generation, innovation, monetizing data, and a multi-billion-dollar total addressable market supports the firm’s positive outlook on the stock. Emerald’s 2022 event revenue was 73% of pre-pandemic levels, while net square footage sold was only 64%, and a full recovery would imply a total revenue of $482M – above estimates for 2023 and 2024, Maxim tells investors in a research note.