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WWE Q1 2020 Earnings Note

WWE Q1 2020 Earnings Note

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We are maintaining our Buy rating on WWE, with a 12-month price target of $55.00, implied upside of 22.8%. 

In response to the COVID-19 outbreak, WWE implemented a number of cost saving measures to enhance short term profitability from reducing operating expenses, SG&A, in addition to bolstering liquidity by delaying CapEx investment, suspending share repurchases and drawing $200 million from its credit facility. While WWE’s balance sheet was in good shape before these recent moves, this provides further muscle to withstand any blows to business from a COVID-19 pandemic which lasts longer than expected.

Read the rest in the note.