Benchmark analyst Matthew Harrigan has reiterated a Buy rating on Live Nation Entertainment (NYSE: LYV) and kept a $190 price target following the company's most recent results and post-earnings conference call. At the time of the note, Live Nation shares traded at $165.15, which implies roughly 15% upside to Harrigan's target. Analyst price targets across the coverage universe range from $140 to $200.
Management signaled confidence in the company's operating leverage looking toward 2026. CEO Michael Rapino indicated expectations for double-digit AOI growth in 2026, a projection that the market received positively. Harrigan also observed that discussions around the Department of Justice antitrust matter were more openly positive than he had expected.
Benchmark's note highlighted areas of both opportunity and pressure. Live Nation expects to achieve double-digit growth despite specific headwinds: the Ticketmaster secondary business faces near-term obstacles, and the company anticipates approximately $50 million in Venue Nation opening costs in the coming period, compared with about $25 million that were realized in 2025. Benchmark emphasized that Ticketmaster's primary market position remains intact even as the secondary business contends with challenges.
The concerts business is positioned to be a primary driver of income improvement. Management reported that roughly 80% of shows for the relevant planning horizon are already booked, and the company expects concerts to deliver solid double-digit AOI growth. The United Kingdom and continental Europe were singled out as particularly strong markets, maintaining momentum even after substantial growth in 2025.
Benchmark StoneX reaffirmed its Buy rating alongside the $190 2026 price target on Live Nation. Separately, InvestingPro's analysis flags the stock as appearing undervalued on its Fair Value calculation and classifies the company as a "Prominent player in the Entertainment industry." InvestingPro offers 13 additional tips and a comprehensive Pro Research Report for subscribers.
Additional analyst activity has included adjustments to price targets and continued Buy endorsements. Bernstein lifted its price target to $200 from $185, citing improved tour visibility and management’s outlined path to double-digit AOI growth. Benchmark reiterated its Buy rating and $190 target ahead of Live Nation’s upcoming earnings release, pointing to anticipated positive commentary on concert attendance and international expansion. UBS kept its Buy rating as well, assigning a $164 price target while noting strong year-end performance in the Concerts and Sponsorship segments despite temporary pauses in AOI growth within Ticketing.
Legal developments remain a significant variable. A federal judge denied Live Nation’s motion to dismiss an antitrust lawsuit that accuses the company of attempting to dominate the live concert industry; the suit was filed by the U.S. government together with multiple states. That litigation continues to be a notable challenge for the company, and observers will monitor how the case progresses. In a related personnel development, the resignation of Justice Department Antitrust Chief Abigail Slater was noted as a factor that could affect the government's approach to the case, although no specific changes to the litigation have been reported.
Taken together, the analyst coverage and management commentary outline a scenario in which Live Nation is pursuing robust top-line and AOI expansion via concerts and international markets while managing discrete pressures in Ticketing and incremental launch costs for Venue Nation, all against the backdrop of active regulatory scrutiny.
Summary
Benchmark maintained a Buy rating and $190 price target on Live Nation after management forecasted double-digit AOI growth in 2026 and reported strong concert bookings. The company faces headwinds in Ticketmaster's secondary business, expects higher Venue Nation opening costs, and continues to contend with an ongoing antitrust lawsuit.
Key points
- Benchmark analyst Matthew Harrigan reiterated a Buy rating with a $190 target; shares traded at $165.15, implying about 15% upside. - Markets/Equities
- Company projects double-digit AOI growth in 2026, driven by concerts and international strength, with roughly 80% of shows already booked. - Entertainment/Consumer Discretionary
- Several broker actions: Bernstein raised its target to $200; UBS maintained a Buy at $164; Benchmark StoneX also kept Buy at $190. InvestingPro flags the stock as undervalued and lists it as a prominent industry player. - Sell-side Research
Risks and uncertainties
- Antitrust litigation - A federal judge denied Live Nation's motion to dismiss the DOJ-led suit, which remains an ongoing legal risk affecting regulatory and operational outcomes. - Legal/Regulatory
- Ticketmaster secondary market pressures - Headwinds in the secondary business could weigh on Ticketing AOI even as the primary market position stays intact. - Ticketing/Market Structure
- Incremental Venue Nation costs - Management expects about $50 million in Venue Nation opening costs versus $25 million realized in 2025, which could temporarily reduce margin expansion. - Capital Allocation/Operations