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MarketWatch MarketPulseDec 06, 2023
: Sphere shares soar after Macquarie raises price target to $34
Shares of Sphere Entertainment Co. SPHR rose 8.7% Wednesday after Macquarie Equity Research raised its price target to $34 from $32. The entertainment venue's stock is on pace for its largest daily percentage increase since Oct. 2, 2023, when it rose 11.1%, Dow Jones market data show. U2 kicked off a headline-grabbing residency at the Sphere on Sept. 29, and the venue featured prominently in last month's Las Vegas Grand Prix. The 50-minute immersive film "Postcard from Earth" is also showing at the Sphere. In a note released Wednesday, Paul Golding, Macquarie's senior U.S. lifestyle and payments analyst, pointed to the company's announcement of a private $225 million convertible senior notes deal and to its financial update Tuesday. "Sphere released an 8-K yesterday alongside its convertible note announcement, citing expectations of positive Sphere [Adjusted Operating Income] in [the fiscal second quarter] (vs FactSet cons loss of $14m) on its U2 residency, Postcard shows, and F1 takeover," he wrote. "January-March will see four incremental U2 shows on top of the most recent 36 show count noted at the prior earnings call, bringing the total run to 40." The 360-foot-tall concert and entertainment venue at the Venetian Resort is the world's largest spherical structure, according to the Venetian's website. Sphere Entertainment shares have risen 49% in 2023, outpacing the S&P 500 index's SPX gain of 18.7%.

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