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Fly News Breaks for February 10, 2020
Feb 10, 2020 | 06:18 EDT
Wells Fargo analyst Steven Cahall double downgraded WWE to Underweight from Overweight with a price target of $36, down from $80. The stock closed Friday down $2.00 to $42.53. "There have been too many misfires at WWE for investors to take interest in the near future," Cahall tells investors in a research note. To get "back on its feet," WWE needs rights agreements in India and the Middle East as well as new CFO, contends the analyst. Further, he believes the company's elevated investment spending needs to be better explained and that long-term guidance needs to be provided.
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