Benzinga | Nov 5, 2021 04:46PM EDT

Jefferies Bumps Up Price Target On Live Nation By 21%

* Jefferies analyst David Katz raised the price target on Live Nation Entertainment Inc (NYSE:LYV) to $125 from $103, implying a 0.9% upside, and reiterated a Buy on the shares following Q3 results that he said reflect "robust growth in concert activity backed by outsized fan growth."

* While Katz contends that Live Nation "defines the consumer recovery as well as any names in our coverage," he also argues that its "growing leadership in live entertainment globally" warrants a growing premium.

* Live Nation reported third-quarter FY21 revenue of $2.7 billion, beating the consensus of $2.1 billion. It clocked $184 million in revenue in Q3 FY20.

* Revenue from concerts was $2.15 billion. EPS of $0.19 beat the consensus loss of $(0.06).

* Price Action: LYV shares closed higher by 15.2% at $123.8 on Friday.