Live Nation Entertainment Inc. (LYV) Upgraded to Buy by Zacks Investment Research

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Live Nation Entertainment Inc. (NYSE:LYV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $31.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.55% from the stock’s previous close.

According to Zacks, “Live Nation Entertainment, Inc. is the world’s premier live entertainment company, consisting of Live Nation, Ticketmaster and Front Line Management Group. The Company engages in producing, marketing, and selling live concerts for artists via its concert pipe. Live Nation owns and operates many venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, Nikon at Jones Beach Theatre in New York and London’s Wembley Arena. In addition, it also produces, promotes or hosts theatrical, specialized motor sports and other live entertainment events. The Company is driving major innovations in ticketing technology, marketing and service. It offers ticket sales, ticket resale services, and marketing and distribution through ticketmaster.com, an e-commerce site on the Internet. Live Nation Entertainment, Inc. was formerly known as Live Nation, Inc. and is based in Beverly Hills, California. “

LYV has been the subject of a number of other research reports. Jefferies Group reaffirmed a “buy” rating and set a $31.00 price objective on shares of Live Nation Entertainment in a research report on Friday, July 29th. Albert Fried & Company reaffirmed a “buy” rating and set a $34.00 price objective on shares of Live Nation Entertainment in a research report on Tuesday, July 26th. Citigroup Inc. upped their price objective on shares of Live Nation Entertainment from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, October 12th. JPMorgan Chase & Co. assumed coverage on shares of Live Nation Entertainment in a research report on Thursday, August 18th. They set an “overweight” rating and a $34.00 price objective for the company. Finally, Stephens assumed coverage on shares of Live Nation Entertainment in a research report on Thursday, October 6th. They set an “equal weight” rating and a $30.00 price objective for the company. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $31.25.

Live Nation Entertainment (NYSE:LYV) opened at 27.79 on Wednesday. The stock’s market capitalization is $5.61 billion. The stock’s 50 day moving average price is $27.12 and its 200-day moving average price is $24.96. Live Nation Entertainment has a 52 week low of $18.77 and a 52 week high of $29.68.

Hedge funds have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Live Nation Entertainment during the second quarter valued at $115,000. Creative Planning boosted its stake in shares of Live Nation Entertainment by 6.1% in the third quarter. Creative Planning now owns 4,334 shares of the company’s stock valued at $119,000 after buying an additional 249 shares in the last quarter. Seven Eight Capital LLC boosted its stake in shares of Live Nation Entertainment by 30.8% in the first quarter. Seven Eight Capital LLC now owns 6,800 shares of the company’s stock valued at $152,000 after buying an additional 1,600 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in shares of Live Nation Entertainment during the second quarter valued at $204,000. Finally, LS Investment Advisors LLC boosted its stake in shares of Live Nation Entertainment by 66.0% in the second quarter. LS Investment Advisors LLC now owns 8,984 shares of the company’s stock valued at $211,000 after buying an additional 3,571 shares in the last quarter. 64.01% of the stock is currently owned by hedge funds and other institutional investors.

About Live Nation Entertainment

Live Nation Entertainment, Inc is a live entertainment company. The Company’s businesses consist of the promotion of live events, including ticketing, sponsorship and advertising, and artist management. Its segments include Concerts, Ticketing, Artist Nation, Sponsorship & Advertising, Other and Corporate.

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