Summer is on the way and after two years of observing COVID-19 safety protocols, people are ready to cut loose. While inflation or geopolitical concerns appear to have offset coronavirus concerns, the fact remains that more people will be leaving their homes this summer in search of entertainment and relaxation.
Wall Street brokerage Rosenblatt issued a few calls on Tuesday morning, with a focus on entertainment and leisure stocks. Although not all the calls are positive, the firm is still largely bullish on the industry.
Again, while headwinds have put a damper on the markets in general, Rosenblatt believes that a couple of these stocks could provide solid upside for the time being. As pandemic concerns appear to have abated, these industries that were most hurt by the spread of the coronavirus could stand to benefit from a strong summer season.
It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Liberty Braves Group (NASDAQ: BATRK) may not be a household name, but it is the publicly traded company that owns the Atlanta Braves. After a lucky World Series win last year, fans more than likely will be visiting the ballpark more to see if they can do it again. Rosenblatt initiated coverage with a Buy rating and a $35 price target, which implies upside of 34% from the most recent closing price of $26.08.
The stock was trading up around $26 Tuesday morning, and it has a 52-week range of $24.17 to $31.27. Liberty Braves stock is down around 7% year to date.
Rosenblatt started coverage of Live Nation Entertainment Inc. (NYSE: LYV) with a Buy rating and a $138 price target. This target implies upside of roughly 26% from the most recent closing price of $109.68. This company runs concerts and ticketing for shows across the United States and internationally. The firm both owns and leases venues for its shows, and it did this for 165 different venues in the United States and 94 venues abroad.
Live Nation stock has a 52-week trading range of $74.01 to $127.75, and it traded near $108 on Tuesday. Shares are down over 8% year to date.
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