We're maintaining our Buy rating on WWE with a 12-month price target of $43.00, implying 26.7% upside.
Our estimates may very well change amongst a rapid changing news cycle, however as of today we assume the brunt of the adverse economic impact for WWE (and the economy at large) occurs over Q2 2020 and Q3 2020. For full year 2020, we’re taking our revenue estimate down by $67 million and Adjusted OIBDA down by $12.3 million, driven by declines in Live Events and Consumer Products revenue. For Q1 2020, we believe WWE will generate $19.3 million in North American ticket sales, down 20% y/y. We’re modeling zero revenue from North American ticket sales in Q2 2020, and $10.1 million in Q3 2020, down 45% y/y.
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