INVESTORS GET BULLISH ON LIVE NATION
Live Nation’s stock closed today (12/2) at its highest price since late February, when the U.S. had only 34 reported COVID-19 patients. The close was $69.91 despite a lack of clarity about when live entertainment will return.
The stock has been on a steady rise since 10/30, when it closed at $48.80, topping $66 a share daily since 11/13. Its current $69.91 is the highest share price since the 2/21 close of $74.16.
Analysts have been split on the company while its revenue is reduced to practically nil during the pandemic; six have recommended it as a buy and six have labeled it a hold. None have deemed it a sell.
The last time the Michael Rapino-led company enjoyed a significant surge was on 11/9, after Pfizer announced the success of its vaccine trial. That day, LYV shot up nearly 30%, eventually closing at $64.36.
Rapino recently spelled out Live Nation’s projections for 2021 and 2022 at Liberty Media’s investors conference, which started the gradual uptick of the stock.
