Benchmark reiterated a Buy rating on Sphere Entertainment and raised its price target to $175 from $155, citing solid growth prospects. The upgrade reflects expectations of a strong second quarter driven by The Wizard of Oz at Sphere, which has transitioned to a normalized operating cadence with incremental ticket revenue moderating to $1 million per day. The company is also benefiting from healthy concert demand, supported by Anyma's sold-out run and strong Phish ticket sales, as well as growing brand activity and momentum in Exosphered advertising. Sphere Entertainment operates the advanced Sphere venue in Las Vegas and owns MSG Networks.
Sphere Entertainment Co.Strong concert demand from The Wizard of Oz, Anyma, and Phish, plus growing Exosphered advertising.