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Fly News Breaks for May 18, 2018
WWE
May 18, 2018 | 06:48 EDT
JPMorgan analyst David Karnovsky raised his price target for WWE to $46 after Hollywood Reporter reported the company is looking to sell media rights to SmackDown on the open market. Assuming the report valid, WWE has seemingly set a floor on the value of its domestic media rights at $275M, to which it will then add some value for SmackDown, Karnovsky tells investors in a research note. He raised his 2020 estimates for WWE and keeps a Neutral rating on the shares.
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