Live Nation initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of Live Nation with a Buy rating and $120 price target. Live Nation is the largest vertically integrated operator in the live music space, the analyst tells investors in a research note. The firm believes the company will deliver consistent double-digit growth in adjusted operating income in the coming years based on strong secular fundamentals. It thinks the most likely outcome of a potential regulatory investigation will be “pro-consumer reforms to various industry-wide business practices,” which shouldn’t be materially disruptive to Live Nation’s business opportunity.