Guggenheim analyst Curry Baker raised the firm’s price target on WWE (WWE) to $114 from $105 and keeps a Buy rating on the shares based on an updated view on the company’s renewal outlook after the company Endeavor Group (EDR) announced a definitive agreement to form a new, publicly listed company consisting of the UFC and WWE that will be traded under the ticker "TKO." The firm, which sees the combination leading to over $100M of annual run-rate net operating synergies and over $200M of revenue synergies, calls out the two biggest potential catalysts ahead as the U.S. media rights renewal process for the WWE that is just now starting and the one for UFC coming next year.
Published first on TheFly
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