Sphere Entertainment (SPHR) Stock Rallies Following Opening of Sphere Venue with U2 Concert

Sphere Entertainment Co (NYSE: SPHR) stock rose by more than 7% after the company opened its Sphere venue in Las Vegas with a show by U2 on Friday night. The 360-foot-tall venue is located at the Venetian Resort and will host live concerts and sporting events.

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Everything you need to know about the all new MSG Sphere in Las Vegas. This concert venue is state of the art with visual technology unavailable anywhere else. Here are the food & drink prices, views from 100, 200, 300 and 400 level sections including obstructed views, and the… pic.twitter.com/ctnRrPLL2H

— Jen G. (@vegasstarfish) September 30, 2023

Following the concert, which was the first in a series of 25, the media and entertainment company’s stock surged to over 11% to reach $41.32 during premarket trading. SPHR stock started Monday at $37.74 and fluctuated between $36.77 and $37.97. CNN Money data shows that 12-month price forecasts provided by four analysts for SPHR stock had a median target of $30.00 with a low estimate of $24 and a high estimate of $38. These forecasts suggested a possible drop of 19.31% from the last recorded price of $37.18.

JPMorgan Chase & Co. recently raised its Sphere Entertainment stock price target from $25 to $28 following the release of the entertainment company’s Q4 figures. JPMorgan analyst David Karnovsky wrote:

“While the attention the exosphere received on social media and the press has given us incremental confidence on what forward demand will be from artists, consumers, and corporate partners, the ultimate success of the venue, and viability of future Spheres, will hinge largely on original content.”

Another company that experienced a premarket surge in share price was AMC Entertainment which rose by 2% following the announcement that the tour documentary “Renaissance: A Film by Beyoncé”, will be distributed in the United States later this year. Meanwhile, Elon Musk’s electric vehicle maker Tesla’s shares dropped almost 3% after the company reported a decline in production in the third quarter that was attributed to a planned shutdown.

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