Live Nation Entertainment (NYSE:LYV) stock is in the news Friday after the price target for the company’s shares was cut by Oppenheimer analyst Jed Kelly.
Live Nation Entertainment stock was hit with a price target drop from $120 per share to $110. That still represents a potential upside of 17.7% over its prior closing price. However, it is below the analyst consensus price prediction of $116.42 per share.
Despite the price target cut, the Oppenheimer analyst maintains the firm’s “outperform” rating for shares. It’s also worth noting that the analyst consensus rating for LYV stock is a buy based on 13 opinions.
What’s Behind the LYV Stock Price Cut
Here’s what Kelly had to say about Live Nation Entertainment in a note to clients obtained by StreetInsider:
“We believe the DOJ lawsuit will not lower concert ticket prices for consumers and the majority of complaints focus on specific discrete business practices, rather than monopolistic actions. However, the timing of resolution is uncertain (12-18 months at best?), and we see the 2024 election year adding another layer of complexity.”
LYV stock is up 2% as of Friday morning. The stock is currently up 3.8% year-to-date (YTD).
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
