StubHub Shares Rise for Third Consecutive Day Following Citi Upgrade
Shares of StubHub rose by 3.8% on Friday, marking their third consecutive daily gain after investment bank Citi upgraded the stock to 'buy' from 'neutral.' Analyst Jason Bazinet cited strong performance metrics and a positive outlook as key drivers behind his upgrade decision. Bazinet trimmed his price target for StubHub's shares to $7 from $9 but still sees an 18% upside potential. He anticipates that the company will exceed adjusted EBITDA expectations in full-year earnings, driven by record app downloads during the World Cup and continued strong demand for live events. StubHub is currently down 51% year-to-date despite recent gains. The analyst also highlighted StubHub's dominant market position with approximately 40% of online ticket reselling activity, as well as its exposure to a 'K-shaped economy' in the music sector.
Tickers: $STUB
Topics: Stock Rating StubHub Performance Ticket Reselling Market