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Fly News Breaks for August 22, 2019
Aug 22, 2019 | 08:13 EDT
As previously reported, Loop Capital analyst Alan Gould initiated Wanda Sports with a Buy rating and a price target of $8. The analyst notes that "disappointing" investor reception to this recent IPO has been driven by concerns about the sustainability of its rights contracts as well as high leverage, but he contends that the stock can regain the IPO price only with "modest" execution. Gould adds that a "much more significant upside scenario" is possible if the management can execute by renewing the large majority of contracts in its existing portfolio, expanding the number of its participating sports events, and performing with its eSports investment.