Macquarie analyst Paul Golding raised the firm’s price target on Sphere Entertainment to $40 from $34 and keeps a Neutral rating on the shares after the company closed its “first fully-operational” quarter with higher-than-expected revenue and positive adjusted AOI on strong demand for live events and ads. Sphere is “impressing with early AOI,” but the firm views shares as fairly valued until more is known about the economics of any franchising deals, the analyst tells investors.
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