Live Nation Entertainment (LYV - Get Report) slipped on Friday after the event producer was downgraded to sell from neutral at Citi.

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.

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— Live Nation (@LiveNation) June 28, 2019

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.