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WWE Television Rights Deal With India Renewing In 2019
WWE shares have grown substantially over 2018, with price of $31 per share at the beginning of the year, and upwards of $96 in September. Although, the price has dropped 23% since the end of September, two Wall Street analysts are raising it’s price target.
Guggenheim Securities analyst Curry baker is raising his price target from $100 to 105 on WWE stock, with WWE’s TV rights renewal with India being the the indicator in growth.
Meanwhile, JP Morgan analyst Dan Karnovsky raised his price target from $84 to $87. Karvionsky states the decline in WWE live event and merchandise sales are driving weakness as of late, but the the shift to WWE moving Smackdown Live to FOX could provide momentum.
Curry Baker believes WWE’s new TV deal with India will be worth about five times it’s current value, and that premium would represent a larger value overall with the new TV deals with FOX and USA Network.
The WWE is expected to announce it’s renewal with India in the first quarter of 2019, and it’s UK rights renewal at the end of 2018.