Bernstein raised the firm’s price target on TKO Group (TKO) to $230 from $190 and keeps an Outperform rating on the shares. Into Q3 results, the UFC faces a tough year-over-year comp, lapping 306 at the Sphere. The firm expects WWE to shine through with sponsorship and live events upside especially tied to the two-night SummerSlam in the quarter. Bernstein also expects another bump to full year guidance on early activation of the WWE PLE deal with ESPN and on live events as consensus Q4 ticketing yield and site fees remain below our expectations for both the UFC and WWE.
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