Live Nation hits record high after Q3 profit beats estimates
Updates
** Shares of U.S. concert promoter Live Nation Entertainment LYV.N rise 3.7% to $128.26, hit record high
** Co beat Wall Street estimates for Q3 profit on Monday, helped by cost controls
** Q3 adj. EPS of $1.66 beats ests. of $1.59, as per data compiled by LSEG
** The U.S. Department of Justice and more than two dozen states in May sued to break up Live Nation, arguing that the big concert promoter and its Ticketmaster unit illegally inflated concert ticket prices and hurt artists
** At least 4 brokerages raise target price on stock
** Guggenheim raises PT to $146 from $130, says LYV continues to see strong leading indicators across the board for 2025, and no signs of a softening consumer
** While we expect the lawsuit overhang to persist at least into next year, we believe there is the chance of a rational settlement being reached under new DOJ leadership - Guggenheim
** Oppenheimer also raises PT to $155 from $120
** Avg rating of brokerages is a "buy"; median PT is $132.5 - LSEG data
** Including session's move, stock up 36.8% YTD
Reporting by Sukriti Gupta in Bengaluru
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