Live Nation is well positioned to access incremental and high margin revenue streams, Goldman Sachs analysts said.
Live Nation Entertainment, Inc. ($LYV), a ticketing platform for live entertainment around the world, is on tap to report its third-quarter financial results after the market closes on Monday.
The Los Angeles, California-based company is widely expected to report top- and bottom-line declines for the quarter. The consensus estimates call for third-quarter earnings per share (EPS) of $1.61 and revenue of $7.75 billion.
This compares to the year-ago numbers of $1.78 and $8.15 billion, respectively.
Live Nation shares have gained over 31% this year. The stock is trading just shy of its all-time intraday high reached on Wednesday as entertainment stocks joined the Trump-inspired rally.
In September, the company scored a win when the Portland City Council upheld its earlier decision to approve the company’s 3,500-capacity music venue at the east end of the Hawthorne Bridge.
Last week, Deutsche Bank Securities analyst Benjamin Soff upped the price target for the stock from $122 to $130 and maintained a Buy rating, the Fly reported. Goldman Sachs increased its price target for the stock in late-October, lifting it from $118 to $137. Analyst David Kamovsky said capital deployment has shifted to venue development. The company is well positioned to access incremental and high margin revenue streams, he said.
Retail is wary toward Live Nation stock. A user on the Stocktwits platform said the stock looked vulnerable amid its discretionary spending exposure should the economic fundamentals falter.
Another said Live Nation was one of the most overpriced stocks
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