WWE Stock Notches Record Close

WWE Stock Notches Record Close

WWE stock closed at a record high yesterday, closing at $66.14.

$WWE was up 3.46% on a day the broader market was down 1.15%

$WWE has skyrocketed this year with a 52-week low of $20.09 and a 52-week high of $66.15.

Year-to-date, the stock is +116.29%

The meteoric rise has been the result of a strong strategic year for WWE management. WrestleMania 34 set a Mercedes-Benz Superdome record, grossing $14.1M. The WWE Network hit another milestone and reached 2.1M subscribers in April. NBCUniversal agreed to pay $265M a year for Monday Night Raw and then less than a week later Fox scored the rights to air SmackDown Live in a five-year deal worth $205M annually.

While this is all good news for the stock, a lot of analysts are starting to wonder how much more room to the upside there is?

I initiated coverage on the stock on May 25th, when the stock was trading at $59.00, with a 12-month price target of $65.

Wells Fargo thinks the stock has more room to run, announcing yesterday they have a price target of $78, up from their previous call of $48.

KeyBank Capital also raised its price target from $49 to $71 in the last month.

All eyes will be on WWE’s next earnings report, currently scheduled for July 26th, 2018. While this year has been a boom, WWE stock did take a 4% hit when they reported lower than expected Q1 numbers. Even though the stock quickly recovered, investors were spooked by a surprise decline in first-quarter revenue, hurt by its live events and consumer products businesses.

Where do you think WWE stock goes from here? Does anyone in the WrestleTalk family hold a position in the company? Let us know in the comments section below or on Twitter here

6 years ago by Wrestle Talk


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