As previously reported, Morgan Stanley analyst Benjamin Swinburne upgraded WWE to Overweight from Equal Weight, arguing that the race for sports rights and exclusive content should accelerate the company’s revenue growth over the next 2-3 years.
Meanwhile, over the same time frame WWE’s cost base should continue to grow at a controlled pace, estimates Swinburne. He also believes WWE is a potentially interesting strategic asset in the rapidly consolidating world of media, he added.
Swinburne raised his price target to $40 from $23 on WWE shares.
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