Live Nation Price Target Raised as Evercore Sees Accelerating Earnings Power

Core Viewpoint - Evercore ISI has raised its price target on Live Nation Entertainment to $188 from $168, maintaining an Outperform rating and designating it as the top media pick for 2026 [1] Group 1: Growth Expectations - The positive outlook is driven by expectations for accelerating consolidated adjusted operating income growth, sustained demand for live events, and improved visibility into the earnings potential of Venue Nation [2] - Live Nation's growth trajectory is well established, but investors have been hesitant to fully account for Venue Nation's contribution due to the complexity of venue-level economics [2] Group 2: Venue Analysis - A bottom-up analysis of 48 venues expected to open between 2025 and 2031 was presented, incorporating assumptions around fan growth, ancillary revenue streams, ticketing rebates, sponsorship revenue, and key cost drivers [3] - This analysis supports management's targets of approximately 29 million incremental annual fans and around $600 million in incremental adjusted operating income, while identifying areas where current assumptions may be conservative [3] Group 3: Existing Portfolio Strength - Strength across Live Nation's existing portfolio includes accelerating fan growth in Concerts, improved visibility at Ticketmaster, sponsorship growth linked to Venue Nation's expansion, and better regulatory clarity [4] - These factors support a forecast for adjusted operating income growth to accelerate from 10.0% in 2025 to 13.0% in 2026, 13.8% in 2027, and 14.2% in 2028, exceeding consensus expectations [4]