Vivid Seats price target lowered to $7 from $8 at Canaccord

Canaccord lowered the firm’s price target on Vivid Seats to $7 from $8 and keeps a Buy rating on the shares. The firm said recent data points, including website traffic, foot traffic, and credit card data, suggest that the industry may be returning to a normalized trajectory, following more than two years of post-pandemic concert exubeance. Canaccord thinks there could be a more pronounced deceleration in the live event space as a whole in Q3, likely reflecting softer- than-anticipated concert supply on the heels of a very strong year in 2023.