TKO Group initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of TKO Group with an Overweight rating and $100 price target. TKO offers investors ownership of UFC and WWE, the leading mixed martial arts and professional wrestling promotions, the analyst tells investors in a research note. The firm says the company, with support from its parent Endeavor, is well positioned to grow the assets and improve monetization of media, sponsorship, and licensing. Longer term. it sees room for significant revenue synergies as the combined content can be leveraged in negotiations with rights holders and event partners.