Live Nation Entertainment Inc (NYSE:LYV) is moving higher on Monday morning after Jefferies upgraded the stock on the back of the company's better-than-expected earnings last week.
What Happened: Jefferies analyst David Katz upgraded Live Nation from a Hold to a Buy and raised his price target from $88 to $96.
The company reported that popular festivals like Bonnaroo, Electric Daisy and Rolling Loud all sold out in record time at full capacity.
"With Ticketmaster’s client base increasingly shifting to digital ticketing, we will continue to enhance our offerings, ranging from upsell and improved advertising opportunities, as well as blockchain and NFT ability on the Ticketmaster platform," the company stated in its earnings press release.
Price Action: Live Nation traded as high as $94.63 and as low as $36.01 over a 52-week period. The stock was up nearly 7% on Friday.
At last check Monday, the stock was up another 2.6% at $81.83.