Sphere Entertainment price target raised to $38 from $25 at Guggenheim

Guggenheim raised the firm’s price target on Sphere Entertainment (SPHR) to $38 from $25 and keeps a Neutral rating on the shares after the company reported fiscal Q4 earnings. The Las Vegas Sphere remains on track to open on September 29 and the $2.3B construction budget was reiterated, noted the firm, which says the quarterly results reflect “some corporate expense noise” due to the spin-off of the live entertainment business MSG Entertainment (MSGE) as well as the sale of Sphere’s majority interest in TAO completed on May 3.