EB - Eventbrite rises after KeyBanc Capital upgrades on operational improvements

2023-07-27 08:29:57 ET

Eventbrite ( NYSE: EB ) rose ~8% Thursday pre-market after KeyBanc Capital Markets upgraded the self-service ticketing and experience technology platform, considering its operational improvements.

The ratings agency upgraded the recommendation on the company to Overweight from Sector Weight, with a price target of $14. The stock is currently trading at $9.81.

KeyBanc sees demand generation products scale, and a flywheel supporting more than 20% annual revenue growth through 2025 and meaningful margin expansion.

The agency has raised its 2023-2024 revenue and EBITDA estimates by 1%-2% and 13%-17%, respectively. Also, 2025 revenue and EBITDA guidance of $483M and $98M, respectively, were also introduced. The 2025 consensus revenue estimate is $479.33M.

The average sell-side analysts give the stock a Buy rating, with an average price target of $12.60.

Seeking Alpha analysts and the Quant Rating system also give the stock a Buy rating.

More on Eventbrite :

• Eventbrite: Business Strategic Initiatives Show Encouraging Signs Of Growth
• Eventbrite Ups Guidance While Reducing Operating Losses On Marketplace Approach

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