Shares of World Wrestling Entertainment (WWE - Get Report) were rising 2.2% Friday to $70.25 after analysts at Guggenheim reiterated their buy rating on the stock despite a strong debut from rival All Elite Wrestling.
AEW held its first live event on cable, going head to head with WWE's NXT and outperforming the legacy wrestling league in viewership 1.4 million to 890,000.
"This was the first live AEW event on cable, while NXT has been on air the past two Wednesday nights so AEW clearly had the hype/novelty factor working in its favor," analyst Curry Baker wrote.
Baker is bullish on WWE's plans to better monetize content and establish a third television brand to pair with RAW and SmackDown. WWE is moving its NXT brand from its own WWE Network to Comcast's (CMCSA - Get Report) USA Network.
The firm maintained its $100 price target, a 45% upside from the stock's closing price Thursday of $68.74.
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