Sphere Entertainment price target lowered to $24 from $26 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Sphere Entertainment to $24 from $26 and keeps an Equal Weight rating on the shares. With Sphere in Las Vegas “essentially built and ready to open next month,” the company’s Q4 earnings “reveal an even larger opex base than expected,” says the firm, which adds that it continues to see “a wide range of equity outcomes.”