World Wrestling Entertainment's stock pulls back from record after J.P. Morgan downgrade [MarketWatch]
World Wrestling Entertainment, Inc. Class A (WWE)
Last world wrestling entertainment, inc. class a earnings: 4/23 04:10 pm
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Source: MarketWatch
World Wrestling Entertainment's stock pulls back from record after J.P. Morgan downgrade Shares of World Wrestling Entertainment Inc. WWE, -1.19% dropped 2.3% in morning trade Tuesday, to pull back from the previous session's record close, after the media and entertainment company was downgraded at J.P. Morgan, citing valuation. Analyst David Karnovsky cut his rating to neutral from overweight, but nudged up his stock price target to $39 from $37. He said the risk-versus-reward profile is now more balanced after the recent outperformance, which he believes has been fueled by "greater appreciation" for the value of the company's core content, "Raw" and "SmackDown." The stock has run up 27% year to date, while the S&P 500 SPX, +1.03% has gained 0.9%. "The focus for investors remains on the upcoming renewals, in particular the U.S., for which management will communicate its plans between May and September," Karnovsky wrote in a note to clients. "While we are more positive on that neg
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