JPMorgan analyst David Karnovsky raised his price target for WWE to $70 but keeps a Neutral rating on the shares. The analyst increased his estimates to account for a higher step-up in domestic rights fees following reports WWE will realize a combined average annual value of $470M for Raw and SmackDown over the five-year period starting Q4 of 2019. The over three-times increase is higher than the 1.8 times the analyst had modeled. Karnovsky says his Neutral rating balances upside risk from better step-ups on international deals against downside risk from potentially higher ramp up in costs to support Network growth and content localization.