After a 90% majority stake in Ultimate Fighting Championship was sold for $4B to a consortium of private equity buyers, Wells Fargo analyst Eric Katz said applying the estimated UFC sales multiples to his normalized 2017 EBITDA estimate for WWE yields an equity valuation of $2.7B-$3.4B, or $36 to $44 per share. Though Katz noted that this just "an interesting exercise in determining the potential value of WWE," since, in his opinion, WWE Chairman Vince McMahon is "NOT selling the company anytime soon," he also raised his price target range on the shares to $23-$25 from $20-$22 since he does think the UFC deal is a "clear sign of demand for somewhat similar content." Wells Fargo has an Outperform rating on WWE shares.