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WWE +2.7% as KeyBanc sees positive catalysts in TV renewal, WrestleMania

Published 02/12/2018, 11:01 AM
© Reuters.  WWE +2.7% as KeyBanc sees positive catalysts in TV renewal, WrestleMania
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  • World Wrestling Entertainment (NYSE:WWE) is up 2.7% after an upgrade to Overweight at KeyBanc, which sees positivity ahead in its TV renewals and a key catalyst in April's WrestleMania event.
  • TV revenue from major distributors will rise 30% Y/Y in 2020, writes analyst Evan Wingren, with annual escalators coming after that. (h/t Bloomberg)
  • Meanwhile, coming up this year is a TV announcement expected between May and September that "will likely be extrapolated for other TV contracts" and a WrestleMania event that will likely be the determining factor for the company's annual subscriber growth.
  • Wingren has a price target of $43, implying 20% upside from current pricing.
  • Now read: Increasing TV Rights And Network Profitability Provide WWE's Stock Room To Rouse Higher


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