May. 6 at 7:36 PM
Sphere Entertainment can rally further following earnings, Morgan Stanley says
Morgan Stanley sees more room for Sphere Entertainment
to run following a strong earnings report.
Analyst Daniel Duran hiked his price target for the entertainment venue stock by
$12 to
$170 per share, signaling upside of 24.5% over Tuesday’s close. Duran also reiterated his overweight rating.
Duran’s price hike follows Sphere’s report for first-quarter revenue of
$386.4 million, exceeding expectations for
$368.2 million from analysts polled by FactSet. Sphere said its adjusted operating income came in at
$110 million, up from
$36 million in the same period a year prior.
$SPHR