The firm's analysts say the stock is trading at a premium to the Beverly Hills, Calif., company's revenue potential.
In a note to clients, Citi analyst Jason Bazinet nonetheless maintained his price target of $63.
While the company's consistent operating performance and growth prospects are good, investors seem overoptimistic about how much additional growth is baked into the share price.
In March Bazinet downgraded Live Nation to neutral from buy but lifted his price target to $63 from $59.
Live Nation shares were down 2.5% at $65.25 in early trading on the New York Stock Exchange.