We are initiating coverage on WWE with a 12-month price target of $63.00, implying 25.4% upside. We believe shares are undervalued on the heels of C-suite exits from the company and uncertainty surrounding the completion of television rights agreements in the Middle East and India. Additionally, WWE has a potential transformative upside catalyst licensing its content to OTT providers such as ESPN that could be announced as soon as this quarter. In our opinion, WWE could generate anywhere from $250 million - $1.1 billion in revenue and $100 million - $455 million in Adjusted OIBDA annually depending on the content it chooses to license.
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