LYV - Here's Why Live Nation Entertainment's Stock Missed a Huge Market Rally in April
Shares of Live Nation Entertainment (NYSE: LYV) fell 1.3% in April 2020, according to data from S&P Global Market Intelligence. That might not sound like much of a drop, but the broader market was busy skyrocketing last month. The Ticketmaster parent-company's investors missed out on a 12.7% wide-market gain as measured by the S&P 500 benchmark.
The bulk of Live Nation's pain was found at the very start of April. Analyst firm Morgan Stanley slashed its price target on Live Nation in half on the morning of April 3. The target cut was based on "near zero" clarity regarding when Live Nation would be able to organize events and sell tickets again. The firm assumed that things could get back to normal by July, but also noted that the entire summer season could be lost in 2020. As a result, Live Nation lost 26% of its value in the span of three days.
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