JPMorgan lowered the firm’s price target on Live Nation to $116 from $126 and keeps an Overweight rating on the shares. The firm updated its thoughts on Live Nation following the Department of Justice’s announced lawsuit last Thursday and the company’s response. Its initial reaction was surprise as it had expected a settlement to be the most probable path. While that could still be the ultimate outcome, the scenario seems unlikely in the near term or under the current agency leadership, the analyst tells investors in a research note. The analyst’s base case view is that Live Nation is not broken up, noting a high bar for structural relief. However, JPMorgan does expect some sentiment overhang to persist on the shares near term and reduced the price target accordingly.
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