WWE price target raised to $105 from $94 at Guggenheim

Guggenheim analyst Curry Baker raised the firm’s price target on WWE to $105 from $94 and keeps a Buy rating on the shares after the company reported 2022 OIBDA at the high end of guidance and issued 2023 OIBDA guidance of $395-$410M, driven by record revenue and relative flat operating expenses. There was limited incremental information around the strategic review and Guggenheim still sees "a tight window" in the first half of 2023 where "the industrial logic of a sale would make sense to certain suitors ahead of the RAW and SmackDown rights renewals," but it also remains positive on the U.S. rights renewal on a fundamentals basis.