Evercore ISI analyst Ashton Welles raised the firm’s price target on Live Nation to $100 from $90 and keeps an In Line rating on the shares. The firm, which is cutting estimates for second half of 2023 and 2024 linear advertising revenue by about 200-300 basis points given modestly weaker than expected trends in Q2 and reports that indicate the 2023 upfront is “shaping up to be weaker than expected,” tends to favor the small-to-mid cap “idiosyncratic” media names given they have a clearer path to long-term earnings per share growth than the large cap media names that are investing aggressively to pivot their businesses to streaming.
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