JPMorgan Downgrades WWE’s Stock After Concern With Future Of The Network
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Vince McMahon and WWE are still feeling the reverberations of their 2019 fourth quarter financials and 2020 outlook that were presented last week. JPMorgan analyst David Karnovsky Irish whipped WWE’s value from “Overnight” to “Neutral” and dropped toe hold the price target from $80 to $47.
Karnovsky stated that their “are simply too many unknowns” with the company at the moment, one of which included a 10% drop in WWE Network subscribers during the final quarter of 2019. He also suggested that WWE left money on the table with its $9.99 price point for monthly subscribers
He also adds that any sort “transformative deal” WWE may have with a third party source in bringing its Network content to its service is likely already priced in the WWE stock at this point to some degree. (h/t to Wayne Duggan of Benzinga & Yahoo! Finance)