Vivid Seats initiated with a Buy, $10 price target at BofA

As previously reported, BofA analyst Curtis Nagle initiated coverage of Vivid Seats with a Buy rating and $10 price target. Vivid, as a leading U.S. secondary ticket platform, is “positioned well for multiyear growth” despite elevated competition in the secondary ticketing market. Peers are spending heavily on customer acquisition, but the firm believes Vivid’s strategy of driving recurring transaction growth through investments in brand marketing, “a first of its kind loyalty program that enhances an already strong value proposition” and seller pricing tools should lead to long-term gains, the analyst tells investors.