A brawl between World Wrestling Entertainment Inc's bears and bulls could reach a peak this year as the company renegotiates overseas contracts.
While a large contingent of short sellers have been betting that the stock will fall, WWE's most ardent Wall Street fans say it will continue to rise even after outperforming the stock market last year and for much of 2019.Shares in WWE soared 144 percent in 2018 as U.S. TV license deals that blew past analyst expectations with a 3.6-times hike in average annual value from its previous agreements.
While the stock has already risen a lot on expectations for new business, Gabelli Funds analyst Alexandra Cowie says it still has room to gain further."I wouldn't be selling before the contract news. Going in and coming out of announcements, it gets a double bump," said Cowie, whose firm owns more than 174,000 WWE shares.
Guggenheim analyst Curry Baker expects a U.K. renewal similar to WWE's current contract there. But he anticipates a five-fold boost to its average annual revenue in India to US$124 million."The market is underappreciating the India opportunity," said Baker who has a US$105 price target and a buy rating on WWE.
It also came under pressure as the broader market has been losing ground on worries about global economic growth. But analysts say WWE contracts - which are for around three to five years - provide some insulation against economic fluctuations.
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