WWE saw its stock price take off after news of Vince McMahon’s retirement from the company. McMahon has been embroiled in a hush money scandal where he paid employees to keep quiet about sexual relationship. Now that Triple H took the reigns, WWE stock might be on the upswing.
According to Wrestling Observer Newsletter, Wolfe Research upgraded the stock to a share price prediction of $98. Analyst Peter Supino lauded Paul Levesque’s brilliant mind, who also noted that Vince McMahon’s departure created uncertainty and sparked rumors of a corporate sale.
He asserted that Levesque, the organization’s newly appointed chief content officer, is the greatest choice to turn around WWE’s creative direction and that the present stock price does not accurately reflect the amount that a potential sale would be worth. Additionally, he believes that the product will be in higher demand from streaming providers when the present TV arrangement expired, thus the rights costs need to go up.
WWE stock may start an upswing. Wolfe Research upgraded the stock to a predicted target of $98 per share. Analyst Peter Supino praised Paul Levesque’s work, wrote that Vince McMahon’s leaving resulted in uncertainty, and led to talk of a company sale. He said he believed the current stock price does not reflect the number that a prospective sale would be worth, and wrote that with Levesque in charge as the company’s newly named chief content officer, WWE’s creative direction is in the hands of the best person to turn around ratings & morale. He also felt that when the current TV deal expires, there will be greater demand for the product from streaming companies and thus the rights fees should increase. He also said if there is going to be a sale, that 2023 is the most likely year. The stock closed on 9/8 at $68.10 per share giving the company a market value of $5.061 billion, so it’s still in the same range as it’s been in for weeks.
Peter also said that 2023 is the most likely year for a sale, if one is to occur. The stock is currently trading in the same range it has been in for weeks as of 9/8, closing at $68.10 a share, giving the company a market value of $5.061 billion. Stay tuned to Ringside News to get the latest news and updates.
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