LYV - Rosenblatt bullish on Live Nation with arrival of post-COVID concert 'boom'

Rosenblatt has initiated coverage of Live Nation Entertainment (NYSE:LYV), pointing to a "post-COVID" boom in live events that will last "years." The coming year looks very strong for the company, analyst Barton Crockett says, pointing to event-related deferred revenue that's nearly doubled the fourth quarter of 2019, at $2.3 billion; confirmed show bookings that are up 30%; and presales of 45 million tickets through mid-February (about 45% above the comparable time period in Q4 2019). The boom means "the debate over whether this demand is temporary will not be had for a long time," Crockett says. "When this debate does happen, it will be answered favorably, we assume, based on a solid trajectory entering the pandemic." Seasonality for the first quarter will be different, considering some arena shows normally in Q1 are pushed to the second and third quarters for a "more favorable COVID backdrop, a wager that seems to

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Rosenblatt bullish on Live Nation with arrival of post-COVID concert 'boom'