Morgan Stanley analyst Benjamin Swinburne said he expects WWE to announce the outcome of the five international markets where its rights are being marketed at some point later this year, at which time he sees the company giving adjusted EBITDA guidance and comments on capital allocation plans. He estimates 2020 adjusted EBITDA of about $430M, which is below the consensus $450M view, but sees WWE having the opportunity to to at least double adjusted EBITDA by 2025. Swinburne lowered his price target on WWE shares to $90 from $100 on higher expectations for operating expense growth in 2019, but said he thinks the recent share pullback has been overdone and he reiterated an Overweight rating on the stock.