Oppenheimer analyst Jed Kelly lowered the firm’s price target on Live Nation to $105 from $115 and keeps an Outperform rating on the shares. The firm notes the company reported a strong Q3 revenue beat, with leading indicators pointing towards healthy 2024 setup. The Q4 outlook implies revenue decelerates to low-double-digits from +32%, but appears conservative when factoring the Deferred Revenue balance, Oppenheimer adds. Ticketing’s Q4 margins are expected to compress to low-30% on large renewal cycle but improve in Q1 2024.
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