Wolfe Research keeps an Outperform rating on TKO Group with a $124 price target after the company announced the sale of the broadcast rights for SmackDown to Comcast’s NBC/USA Network for a price that matched buy-side expectations. “Confoundingly,” TKO hasn’t yet sold rights to Raw and NXT which comprise the balance of WWE’s U.S. broadcast rights, the analyst tells investors in a research note. The firm believes the “half-sale may indicate lukewarm demand amongst all parties other than Comcast/USA.” Wolfe now believes it is “reasonable to doubt” consensus revenue forecasts for the second half of 2024 and beyond.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on TKO:
- TKO gets smacked down as SmackDown set for USA Network return
- TKO Group price target lowered to $126 at Guggenheim after SmackDown deal
- TKO Group (NYSE:TKO) Plunges 15% despite Deal with NBCUniversal
- WWE, NBCU deal has total value of over $1.4B, CNBC reports
- WWE, NBCUniversal enter five-year domestic media rights partnership