Analyst Curtis Nagle of Bank of America Securities reiterated a Buy rating on Vivid Seats (SEAT – Research Report), with a price target of $8.50.
Curtis Nagle of Bank of America Securities firm has rated Vivid Seats’ stock (SEAT) as a Buy due to a combination of factors. Nagle anticipates a robust third quarter for the company, with strong sales and web traffic trends continuing through September. This is reflected in his third-quarter estimates, which are significantly above the street’s expectations. However, he also sees a marked slowdown in ticket purchases and web traffic in the fourth quarter, leading him to lower his estimates for this period and for 2024.
Despite the fourth quarter slowdown, Nagle believes Vivid Seats is well-positioned for long-term growth. He attributes this to strong execution, a unique loyalty program within the industry, competitive pricing, potential industry regulation, and a possible decrease in high marketing expenditure by competitors. Consequently, even though he has lowered his price objective from $10 to $8.50 due to reduced growth projections, he maintains a Buy rating for the company. His assessment of Vivid Seats is thus based on both the company’s anticipated short-term performance and its promising long-term prospects.
According to TipRanks, Nagle is a 2-star analyst with an average return of -0.9% and a 45.24% success rate. Nagle covers the Consumer Cyclical sector, focusing on stocks such as Overstock, RH, and Etsy.
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Vivid Seats (SEAT) Company Description:
Horizon Acquisition Corp is a blank check company.
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