Shares of World Wrestling Entertainment (WWE) - Get World Wrestling Entertainment Inc. Class A Report slipped despite receiving a price target raise from a Wall Street analyst.
The stock rose to $90.88 early Tuesday, only to turn lower at midday, down 0.09% to $87.15.
MKM Partners analyst Eric Handler raised his price target on the stock to $110 from $95 a share, and reiterated his buy rating. "Multiple key events," Handler said, could drive notable growth in the near future. Handler noted that WWE has licensing deals with Raw, Smackdown, and parties in the U.K. and India, all of which are expected to be near-term tailwinds. Handler said the company could enjoy further growth beyond 2020.
Some key drivers to Handler's updated valuation are the relaunch of the WWE Network, monetization from a third hour of media time for Smackdown, and added revenue from three more television networks.
The stock hit an all-time high of $97 a share in late September, as did the broader U.S. stock market then, before falling to $65 in mid-November. The stock has risen 18% year to date.
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