Wolfe Research says WWE not downgraded in correction note

Wolfe Research analyst Peter Supino issued a correction to a prior research note that had the firm downgrading the shares to Peer Perform from Outperform. Rather than downgrading, the analyst keeps an Outperform rating on WWE with a price target of $111, which represents 31% upside. Wolfe still like the stock’s risk/reward but suggests caution into Thursday’s Q4 earnings report, the analyst tells investors in a research note. "We think there’s more game theory to Vince’s return than what meets the eye," the firm writes. It recommends using any potential post-earnings selloff as a buying opportunity. The analyst thinks Vince McMahon’s apparent willingness to sell the company could drive up the price of WWE’s TV rights.