Sphere Entertainment falls as BTIG cuts price target, citing softer bookings
SPHR•Sphere Entertainment shares fell more than 6% to $104.04 after BTIG cut its price target to $160 from $190, citing softer bookings. BTIG lowered its Sphere Experience revenue forecasts to $110 million for the third quarter and $148 million for the fourth quarter, below Street estimates.
1. Forecasts lowered
BTIG cut its price target on Sphere Entertainment to $160 from $190 and reduced its Sphere Experience revenue forecast to $110 million for the third quarter, from $123 million, and $148 million for the fourth quarter, from $164 million. Both forecasts are below Street estimates of $123 million and $164 million.
2. Booking trends
The brokerage expects fewer ticket sales and less revenue per show, citing its ticket sales analysis, slower Wizard of Oz bookings at the end of the third quarter and booking trends in early October. Eleven of 13 brokerages rate the stock buy or above, while two rate it hold; the median price target is $178.50. The shares have risen 10.50% year to date, including the session's moves.
