Sphere Entertainment Co. (NYSE:SPHR) is one of the top stocks to buy according to Ariel Investments. On June 18, Benchmark reiterated a Buy rating on Sphere Entertainment (NYSE:SPHR) and raised the price target to $175 from $155.
Photo by Austin Distel on Unsplash
The price target hike comes amid expectations that the company is well positioned to deliver a solid second quarter, driven by strength in The Wizard of Oz at Sphere. Recent ticket sales disclosures have already confirmed that The Wizard of Oz is transitioning out of the hyper-growth phase. Instead, it has moved to a phase of normalized operating cadence. That’s in part because incremental ticket revenue moderated to $1 million per day between February and early May from $1.25 million between January and February.
In addition, the company is increasingly capitalizing on healthy concert demand and growing brand activity. Concert demand in the first half of the year was supported by Anyma’s sold-out run and strong ticket sales for Phish. The research firm has also touted the ongoing momentum of Exosphered advertising.
Sphere Entertainment Co. (NYSE:SPHR) is a live entertainment and media company. It operates the technologically advanced Sphere venue in Las Vegas, producing immersive shows and hosting top-tier concerts. Additionally, the company owns MSG Networks, which broadcasts regional sports and entertainment programming in the New York market.
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