The firm upgraded the owner of UFC, WME and IMG to overweight and raised its price target to $40.
, which is positioned to carve out a piece of the explosive market for streaming content. Endeavor stock has traded just above $30 in recent days.
“The investment positives for Endeavor are increasingly clear in our view – the value of premium content in the marketplace continues to grow as mega-platforms compete for audiences around the world,” Morgan Stanley’s Benjamin Swinburne wrote in the firm’s 2022 market outlook. “Endeavor’s two largest assets – the UFC and the WME talent agency should directly benefit from these trends and together represent ~70% of segment adjusted EBITDA in 2022.
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