REUTERS: A brawl between World Wrestling Entertainment Inc's bears and bulls could reach a peak this year as the company renegotiates overseas ...
REUTERS: A brawl between World Wrestling Entertainment Inc's bears and bulls could reach a peak this year as the company renegotiates overseas contracts.
Ten out of 13 analysts have buy ratings on the stock while three recommend holding the stock which last traded at US$84.87. The mean share price target is US$102.70 with the highest target at US$157 and the lowest at US$85, according to Refinitiv. The creator of Smackdown and Raw TV shows boasted a US cable television viewership second only to the National Football League in 2018, according to Nielsen data. And in India, WWE viewership was second only to cricket, according to the Broadcast Audience Research Council.
MKM analyst Eric Handler, who raised his price target for the stock to US$110 from US$95 on Tuesday, says a possible US deal for a third weekly hour of Smackdown could add US$50 million to annual revenue. The company declined to comment on the prospect of an additional hour. In the United States, live sports have been a key draw for cable TV subscribers, at a time when many consumers are cutting the chord to avoid high monthly fees.Still, about 17 per cent of WWE's float is sold short, according to data from S3 Partners which estimates short seller mark-to-market losses of US$359 million since the start of 2018.
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