Vivid Seats price target lowered to $8 from $10 at Craig-Hallum

Craig-Hallum analyst Ryan Sigdahl lowered the firm’s price target on Vivid Seats to $8 from $10 and keeps a Buy rating on the shares. The firm is moderating expectations for Q3 given recent third-party data points indicate the concert supply headwind accelerated in August, on top of already challenging comps, leaving concert-specific industry GOV down about 20% quarter-over-quarter through August. Craig-Hallum believes these headwinds to be supply specific and point to robust demand for the NFL, College Football, early NBA sales, etc. as evidence of minimal change in overall consumer demand for live events and anticipate a reversion to growth as the industry concert mix shifts back to stadiums in FY25 with pre-sales beginning in Q4 2024.