Morgan Stanley upgraded Live Nation to Overweight from Equal Weight with a price target of $110, up from $100. The fundamentals in music and live events are the healthiest in the media and entertainment sector heading into 2024, but Live Nation shares have lagged the market since the end of 2021 even as returns on capital have improved, the analyst tells investors in a research note. This underperformance along with increased confidence in the company’s future growth drive the upgrade, says the firm. Morgan Stanley has increased conviction in durable long-term growth given Live Nation’s “unique ability” to capture the expanding global live music opportunity.
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