Live Nation Entertainment Receives a Buy from Jefferies

By Austin Angelo

Jefferies analyst John Janedis reiterated a Buy rating on Live Nation Entertainment (NYSE: LYV) yesterday and set a price target of $32. The company’s shares closed yesterday at $27.69, close to its 52-week high of $28.20.

According to TipRanks.com, Janedis is a 4-star analyst with an average return of 4.9% and a 56.1% success rate. Janedis covers the Services sector, focusing on stocks such as Interpublic Group of Companies, Madison Square Garden Co., and Charter Communications.

Currently, the analyst consensus on Live Nation Entertainment is Strong Buy and the average price target is $32, representing a 15.6% upside.

In a report released today, Stephens also upgraded the stock to Buy.

Based on Live Nation Entertainment’s latest earnings report from June 30, the company posted quarterly revenue of $2.18B and quarterly net profit of $37.74M. In comparison, last year the company earned revenue of $2.62B and had a net profit of $89.05M.

Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is neutral on the stock. Most recently, in June 2016, Robert Ted Enloe, a Director at LYV sold 5,363 shares for a total of $126,245.

Live Nation Entertainment, Inc. is an entertainment company that engages in producing, marketing and selling live concerts for artists via its global concert pipe. It operates through four business segments: Concerts, Ticketing, Artist Nation, and Sponsorship and Advertising. The Concerts segment involves the global promotion of live music events in their owned and operated venues and in rented third-party venues, the operation and management of music venues and the production of music festivals across the world. The Ticketing segment is primarily an agency business that sells tickets for events on behalf of their clients and retains a convenience charge and order processing fee for their services. The Artist Nation segment provides management services to music recording artists in exchange for a commission on the earnings of these artists. The Sponsorship and Advertising segment employs a sales force that creates and maintains relationships with sponsors, through a combination of strategic, international, national and local opportunities for businesses to reach customers through its concert, venue, artist relationship and ticketing assets, including advertising on its websites. The company was founded on August 2, 2005 and is headquartered in Beverly Hills, CA.