JPMorgan Chase & Co. recently raised its Sphere Entertainment stock price target from $25 to $28 following the entertainment company’s Q4 data release.
Sphere Entertainment Co. (NYSE: SPHR) stock rose more than 7% after the company opened its Sphere venue in Las Vegas with a show by U2 on Friday night. The 360-foot-tall venue is located at the Venetian Resort and will host live concerts and sporting events.
Everything you need to know about the brand new MSG arena in Las Vegas. This concert venue is state-of-the-art with visual technology not available anywhere else. Here are the prices for food and drinks, views from 100, 200, 300 and 400 level sections including obstructed views and… pic.twitter.com/ctnRrPLL2H
– Jen G (@vegasstarfish) 30 September 2023
Following the concert, which was the first in a series of 25, the media and entertainment company’s stock rose more than 11% to $41.32 during premarket trading. SPHR stock opened at $37.74 on Monday and fluctuated between $36.77 and $37.97. CNN Money data shows that 12-month price forecasts provided by four analysts for SPHR stock had an average target of $30.00, with a low estimate of $24 and a high estimate of $38. These forecasts suggest a potential downside of 19.31% from the previous recorded price of $37.18.
JPMorgan Chase & Co. recently raised its Sphere Entertainment stock price target from $25 to $28 following the entertainment company’s Q4 data release. JP Morgan Analyst David Karnowski wrote,
“While the external attention received on social media and press has made us increasingly confident about further demand from artists, consumers and corporate partners, the ultimate success of the venue and the viability of future areas will largely depend on this. Original content.”
Another company that experienced premarket surge Leading the stock price was AMC Entertainment, which rose 2% after it announced that the tour documentary “Renaissance: A Film by Beyoncé” will be distributed in the United States later this year. Meanwhile, shares of Elon Musk’s electric vehicle maker Tesla fell nearly 3% after the company reported a decline in production in the third quarter due to planned shutdowns.
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT Business Management student. She enjoys reading, writing, doing crossword puzzles, and watching her favorite TV series.
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