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WWE upgraded to Overweight from Equal Weight at Morgan Stanley
The Fly

WWE upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne upgraded WWE to Overweight from Equal Weight with a price target of $120, up from $105. The analyst sees TKO, the combined WWE and UFC business, which investors can gain exposure to through WWE shares today, as offering an attractive risk/reward given the "secular tailwinds" behind sports and entertainment media rights revenues, live content, and the "defensive characteristics" of largely contracted revenue growth. The pending UFC-WWE transaction creates value and a pure-play sports and entertainment equity, the analyst tells investors in a research note. The firm sees clear cost synergies "while the revenue opportunities are also potentially meaningful."

Published first on TheFly

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