JP Morgan analyst Dan Karnovsky upgraded WWE stocks from Neutral to Overweight and raised his price target from $84 to $87, resulting in WWE stocks trading at 4% higher at time of this writing.
Karnovsky said that since WWE dropped from $97 to the current mid-$70s, it’s an excellent buying opportunity for long-term WWE investors. “WWE has greater visibility into multi-year OIBDA growth and capital returns, driven by step-ups and escalators on US TV contracts, with upside from international agreements, mainly in India,” he wrote.
This is the second upgrade WWE received this week after Guggenheim analyst Curry Baker solidified the Buy rating and raised his price target from $100 to $105.
