JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Live Nation Entertainment (NYSE:LYV) Stock

Key Points

• JPMorgan Chase & Co. raised its price target on Live Nation from $180 to $205 and kept an overweight rating, implying about 16% upside from the prior close.
• Other analysts have also turned more positive, with several lifting targets; the stock now has a Moderate Buy consensus and an average price target of $193.75.
• Live Nation shares fell to $176.79 in Tuesday trading, while the company recently reported revenue growth of 12.1% year over year but an earnings miss on EPS for the quarter.

Live Nation Entertainment (NYSE:LYV - Get Free Report) had its price objective lifted by JPMorgan Chase & Co. from $180.00 to $205.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 15.96% from the stock's previous close.

Several other equities analysts also recently issued reports on the company. Roth Capital reiterated a "buy" rating and issued a $205.00 price objective on shares of Live Nation Entertainment in a research report on Wednesday, July 15th. Morgan Stanley increased their price objective on shares of Live Nation Entertainment from $185.00 to $200.00 and gave the company an "overweight" rating in a report on Wednesday, June 10th. Deutsche Bank Aktiengesellschaft increased their target price on Live Nation Entertainment from $180.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. The Goldman Sachs Group lifted their price target on shares of Live Nation Entertainment from $192.00 to $202.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Finally, Rothschild & Co Redburn lifted their price objective on Live Nation Entertainment from $193.00 to $195.00 in a report on Wednesday, May 6th. Nineteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $193.75.

Live Nation Entertainment Price Performance

Live Nation Entertainment stock traded down $4.07 during mid-day trading on Tuesday, hitting $176.79. 438,849 shares of the company were exchanged, compared to its average volume of 2,785,505. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 13.93. The business has a fifty day moving average of $172.77 and a 200 day moving average of $160.24. Live Nation Entertainment has a 1-year low of $125.34 and a 1-year high of $188.00. The company has a market capitalization of $41.64 billion, a PE ratio of -99.87 and a beta of 1.11.

Live Nation Entertainment (NYSE:LYV - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($1.85) EPS for the quarter, missing the consensus estimate of ($0.35) by ($1.50). The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.57 billion. Live Nation Entertainment had a net margin of 0.15% and a return on equity of 45.92%. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.32) EPS. As a group, sell-side analysts expect that Live Nation Entertainment will post 0.96 earnings per share for the current year.

Insider Buying and Selling

In other Live Nation Entertainment news, EVP Michael Rowles sold 63,776 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $164.24, for a total value of $10,474,570.24. Following the completion of the transaction, the executive vice president directly owned 204,716 shares in the company, valued at $33,622,555.84. This trade represents a 23.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Hopmans sold 93,078 shares of the firm's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $166.07, for a total transaction of $15,457,463.46. Following the completion of the transaction, the executive vice president directly owned 188,751 shares of the company's stock, valued at $31,345,878.57. This represents a 33.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Live Nation Entertainment

Several institutional investors and hedge funds have recently modified their holdings of the stock. Leonteq Securities AG acquired a new position in shares of Live Nation Entertainment in the fourth quarter valued at approximately $25,000. Nvest Wealth Strategies Inc. bought a new position in shares of Live Nation Entertainment in the fourth quarter worth $26,000. Burkett Financial Services LLC acquired a new position in shares of Live Nation Entertainment in the 2nd quarter valued at approximately $26,000. Elyxium Wealth LLC acquired a new position in Live Nation Entertainment during the fourth quarter valued at approximately $30,000. Finally, DV Equities LLC acquired a new position in shares of Live Nation Entertainment during the 4th quarter worth $31,000. 74.52% of the stock is currently owned by institutional investors and hedge funds.

About Live Nation Entertainment

Live Nation Entertainment is a global live entertainment company that promotes, operates and sells tickets for live events. The company's core activities include concert promotion and production, venue operations and management, ticketing services through its Ticketmaster platform, artist management and development, and sponsorship and advertising services tied to live events. These integrated businesses are designed to connect artists, fans and commercial partners across the live event ecosystem.

The company in its current form was created following the 2010 merger of Live Nation and Ticketmaster, combining a promoter and venue operator with one of the industry's largest ticketing platforms.

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