Oppenheimer analyst Jed Kelly raised the firm’s price target on Live Nation to $120 from $110 and keeps an Outperform rating on the shares. The firm is encouraged by Live Nation’s Venue Nation unlocking higher earnings power following the firm’s recent visit to the refurbished Jones Beach Amphitheater on Long Island and believes investments in the venue portfolio are generating a larger mix of higher margin ancillary revenues that is underpinning the material improvement in ROIC and creating durable earnings growth, the analyst tells investors in a research note.
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