WWE upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo analyst Steven Cahall upgraded WWE to Equal Weight from Underweight with a price target of $100, up from $52. The analyst is capitulating, saying his prior negative thesis around WWE’s TV rights renewals is moot due to the company’s strategic process. The strategic process "has a reasonable probability of success," Cahall tells investors in a research note. He thinks a financial buyer could justify a mid-teens enterprise value to EBITDA multiple and derives at a $8B valuation or $100 per share. A sale price significantly above $100 per share is harder to justify and likely rules out all but private capital, writes Cahall.