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Live Nation Stock Holds After Initial Post-Lawsuit Slump
Live Nation stock is holding after a post-lawsuit drop in share price. The touring company is being targeted for a breakup by the Justice Department.
Live Nation’s share price has proven to be resilient following the U.S. Department of Justice’s lawsuit and effort to break up the company’s concert promotion and ticketing operations. In lowering their price target for Live Nation to $116 from $126 this week, J.P. Morgan analysts said in a Wednesday (May 29) note to investors they doubt the DOJ will succeed in breaking up the company and its Ticketmaster ticketing arm, but noted the effect of a “sentiment overhang.” J.P. Morgan maintains its “overweight” rating on Live Nation and analysts “believe that continued execution on [adjusted operating income] growth should drive shares higher, with significant valuation upside should developments in the lawsuit break positive.” Radio company iHeartMedia has the distinction of being the top-performing music stock of the week while carrying the worst year-to-date performance.
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