Analyst Maria Ripps of Canaccord Genuity maintained a Buy rating on Vivid Seats (SEAT – Research Report), with a price target of $12.00.
Maria Ripps has given her Buy rating to Vivid Seats based on a variety of encouraging factors. Firstly, Ripps noted that the company delivered robust third-quarter results, surpassing expectations in key areas such as marketplace gross order value, revenue, and adjusted EBITDA. This was driven by sustained demand for live events, even amidst rising concerns over consumer discretionary spending. Moreover, Vivid Seats is experiencing positive customer repeat rates and a stable marketing environment, enabling it to successfully raise brand awareness through social, CTV, and influencer channels.
In addition, Ripps highlighted the strategic acquisitions by Vivid Seats, such as the purchase of Wavedash and Vegas.com. These acquisitions not only expand Vivid Seats’ market presence, but also provide access to an additional estimated $6B total addressable market encompassing Las Vegas shows, tours, and attractions. Such acquisitions are expected to contribute significantly to top-line growth by 2024 and enhance profitability. Ripps also pointed out the uplift in the company’s shares due to these strong results and its growing market presence. Based on these factors, Ripps sees potential for further upward revisions to estimates and recommends a Buy rating for Vivid Seats.
Ripps covers the Technology sector, focusing on stocks such as Nerdy, Meta Platforms, and Alphabet Class A. According to TipRanks, Ripps has an average return of 19.0% and a 43.28% success rate on recommended stocks.
In another report released today, Benchmark Co. also maintained a Buy rating on the stock with a $15.00 price target.
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Vivid Seats (SEAT) Company Description:
Horizon Acquisition Corp is a blank check company.
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