Sphere Entertainment price target raised to $34 from $32 at Macquarie

Macquarie analyst Paul Golding raised the firm’s price target on Sphere Entertainment to $34 from $32 and keeps a Neutral rating on the shares. The firm notes that the company had announced a private $225M convertible senior notes deal along with an 8-K updating for Q2 quarter-to-date performance. Sphere Entertainment now expects Sphere segment to be AOI positive in Q2, disclosing U2 and Postcard performance through November 30. Further, management noted debt proceeds are for “Sphere-related growth initiatives,” with no specifics on initiatives, Macquarie adds.