Evercore ISI analyst David Joyce downgraded Live Nation to In Line from Outperform, noting that the stock's multiple has accelerated to a 10-year high although adjusted operating income growth is expected to decelerate to about 10% in 2019 from 13% growth in 2018 due to increased Ticketmaster platform investments and a slowing in the announced show count. There should be some challenging Ticketing adjusted operating income comparisons in the seasonally light first quarter, leading to a year-over-year decline, Joyce tells investors. He maintains a $64 price target on Live Nation shares.