Live Nation Entertainment Stock Rises After Earnings

Several analysts hiked their price targets after the event

Deputy Editor
Feb 23, 2024 at 11:23 AM
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The shares of Live Nation Entertainment Inc (NYSE:LYV) are on the rise today, following the company's upbeat fourth-quarter results, after which no fewer than seven analysts lifted their price targets. Jefferies also reiterated its "buy" rating, noting it expects the accelerating revenues and margin improvements to continue. All 16 analysts in coverage already carry a "buy" or better rating on the security. 

At last glance, LYV was up 3.9% at $97.10. Earlier as high as $101.50, the stock nearly surpassed its July peak to mark a fresh 52-week high, but fell 24 cents short. Since last February, the equity is up roughly 27%. 

Over in the options pits, 5,187 calls and 2,780 puts have been exchanged -- volume that is four times the intraday average. The March 105 call is the most popular, followed by the 90-strike put in that series.

It's also worth noting that short interest represents 8.8% of LYV's available float, leaving plenty of pent-up buying power. It would take shorts nearly seven days to buy back their bets, at the stock's average pace of trading. 

 

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