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.
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