World Wrestling Entertainment (NYSE:WWE) is up 3.9% after getting a Street-high price target of $100 from Morgan Stanley, soaking in the company’s new U.S. rights deal.
The firm boosted its target from $58. The $100 target implies 34% upside.
“To some extent the match is over as WWE is likely the fastest growing earnings story” in analyst Benjamin Swinburne’s coverage area, he writes. Visibility into revenue tied to the new rights deal is “extremely high,” and he expects adjusted OIBDA to get to $500M in 2021 from $130M last year. (h/t Bloomberg)
Rights renewals in the UK and India are smaller than the U.S., but still ahead.