Oppenheimer analyst Jed Kelly lowered the firm’s price target on Live Nation to $110 from $120 and keeps an Outperform rating on the shares. The price target decrease reflects heightened Ticketmaster break-up risk following the DOJ lawsuit. The firm believes the DOJ lawsuit will not lower concert ticket prices for consumers and the majority of complaints focus on specific discrete business practices, rather than monopolistic actions, but the timing of resolution is uncertain, and sees the 2024 election year adding another layer of complexity, the analyst tells investors in a research note.
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