JP Morgan Upgrades Sphere Entertainment (SPHR)

Fintel reports that on August 16, 2024, JP Morgan upgraded their outlook for Sphere Entertainment (NYSE:SPHR) from Neutral to Overweight.

Analyst Price Forecast Suggests 11.50% Downside

As of August 6, 2024, the average one-year price target for Sphere Entertainment is $43.60/share. The forecasts range from a low of $38.38 to a high of $47.25. The average price target represents a decrease of 11.50% from its latest reported closing price of $49.27 / share.

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The projected annual revenue for Sphere Entertainment is 2,820MM, an increase of 174.62%. The projected annual non-GAAP EPS is 3.47.

What is the Fund Sentiment?

There are 431 funds or institutions reporting positions in Sphere Entertainment. This is an increase of 3 owner(s) or 0.70% in the last quarter. Average portfolio weight of all funds dedicated to SPHR is 0.13%, an increase of 8.27%. Total shares owned by institutions increased in the last three months by 4.25% to 38,603K shares. The put/call ratio of SPHR is 0.27, indicating a bullish outlook.

What are Other Shareholders Doing?

Ariel Investments holds 5,538K shares representing 19.44% ownership of the company. In its prior filing, the firm reported owning 5,119K shares , representing an increase of 7.58%. The firm decreased its portfolio allocation in SPHR by 63.97% over the last quarter.

Jericho Capital Asset Management holds 2,543K shares representing 8.92% ownership of the company. No change in the last quarter.

ARGFX – Ariel Fund Investor Class holds 2,404K shares representing 8.44% ownership of the company. In its prior filing, the firm reported owning 2,951K shares , representing a decrease of 22.75%. The firm increased its portfolio allocation in SPHR by 24.60% over the last quarter.

Balyasny Asset Management holds 1,178K shares representing 4.13% ownership of the company. In its prior filing, the firm reported owning 1,021K shares , representing an increase of 13.27%. The firm decreased its portfolio allocation in SPHR by 17.66% over the last quarter.

Point72 Asset Management holds 1,101K shares representing 3.86% ownership of the company. In its prior filing, the firm reported owning 0K shares , representing an increase of 100.00%.

Sphere Entertainment Background Information
(This description is provided by the company.)

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, and has announced plans to build a second MSG Sphere in London, pending necessary approvals. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathédrale.

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This story originally appeared on Fintel.

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