Oppenheimer raised the firm’s price target on Live Nation (LYV) to $155 from $120 and keeps an Outperform rating on the shares after Q3 AOI grew +9% on Concert Margins expanding 232bps from Venue Nation generating a larger mix of high-margin ancillary revenues. The firm sees concert pipeline in large venues growing double digits, October ticket volume +23% year-over-year, and accelerating Sponsorships commitments, all serving as solid baseline for AOI continuing on similar double digits trajectory in 2025. Oppenheimer believes the new Republican administration will take a fresh look at the DOJ suit, with a higher likelihood of settling and extending the consent decree.
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