World Wrestling Entertainment (WWE) - Get World Wrestling Entertainment, Inc. Class A Report hit the mat hard Wednesday after a top analyst cut her price target on the stock.
WWE's stock dropped 6% to $66.92 after Needham & Co.'s Laura Martin slashed her price target to $88 from $100, Bloomberg reports. She maintained a buy rating on WWE.
While Martin's target still envisions substantial upside for WWE, the analyst cut her estimates of WWE's operating income for 2020.
She cites "uncertainty" about the wrestling giant's offshore content deals, particularly for the Indian market, according to published reports.
WWE has yet to ink a rights renewal for its broadcasts in India, its third largest market, with the current deal set to expire in January, Martin wrote.
Needham dropped its estimates of WWE's offshore content rights revenue to $152 million from $208 million.
Other analysts have offered relatively bullish forecasts for WWE.
Consumer Edge Research initiated coverage with an equal-weight rating and a $75 price target, while Wells Fargo's Steven Cahall kicked off coverage last week with an outperform rating and a $94 target.
Still, while WWE's stock price has stabilized in recent months, it is down from a high this spring of $98.50 a share, which it reached April 24.