Sphere Entertainment Co. (NYSE:SPHR) is witnessing continued strength in the Sphere Experience Wizard of Oz show count, attendance, and seemingly also pricing.
Seaport Research analyst David Joyce upgraded Sphere Entertainment Co. (NYSE:SPHR) to Buy (from Neutral) and set a price forecast of $106.
Analyst View
The analyst says that more musical artist residency event dates have been added to the first-quarter and second-quarter calendars, such that they are now comping positively over 2025.
Joyce adds that there is the possibility of another Sphere franchise announcement increasingly on the horizon, and the likelihood that the Sphere is already fully booked (just not all announced) for 2026.
Bullish Estimates
Consequently, the analyst raised fourth-quarter Sphere Experience revenue to $184 million (following $100 million in the third quarter), up from $87 million in the prior-year December quarter.
Also, Joyce increased fourth-quarter Sphere segment revenue by 9% to $259 million (+53% YoY) and total revenue to $389 million (+26% YoY, including MSG Networks).
Also, the analyst upped the Sphere segment AOI for the fourth quarter by 16% to $70.5 million.
The analyst now estimates Wizard of Oz at 200, comparable to last year's 170 Postcard from Earth and 30 V-U2 shows.
SPHR Price Action: Sphere Entertainment shares were up 5.06% at $95.99 at the time of publication on Friday. The stock is trading near its 52-week high of $97.20, according to Benzinga Pro data.
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