Live Nation Entertainment, Inc.（LYV.N）：根据2026年第二季度业绩更新模型

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31 Jul 2026 10:10:43 ET │ 13 pages

Live Nation Entertainment, Inc.

(LYV.N)

Updating our Model For 2Q26 Results

CITI'S TAKE

We are updating our model to reflect 2Q26 results and our latest outlook.

Our estimates move slightly higher, and we are raising our target price to

$212. We maintain our Buy rating.

1Q26 Results — Live Nation reported 2Q26 revenue of $7,667 million, 1% above

consensus. AOI was $817 million, 7% above consensus. The revenue and EBITDA

beats were driven largely by Ticketing.

FY26 Outlook — Live Nation reiterated its outlook for double-digit AOI growth y/y

for the Concerts segment, Sponsorships segment, and the overall firm. For the

Ticketing segment, the firm raised its outlook to MSD growth y/y (LSD previously).

Estimate and TP Changes — Following our update, our estimates move slightly

higher, largely due to increased Ticketmaster estimates. In addition, we are raising

our target price from $181 to $212 as we roll forward our valuation to 17x 2028 EVAOI. We maintain our Buy rating.

n

Buy

Price (30 Jul 26 16:00)

US$183.56

Target price

US$212.00↑

from US$181.00

Expected share price return

15.5%

Expected dividend yield

0.0%

Expected total return

15.5%

Market Cap

US$42,762M

Price Performance

(RIC: LYV.N, BB: LYV US)

Jason B Bazinet AC

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

-0.32A

0.41A

0.73A

-1.07A

-0.24A

2026E

-1.85A

1.05A

1.56E

-0.64E

0.14E

-0.28E

-0.58E

Previous

-1.85A

0.94E

1.97E

-0.38E

0.78E

na

2027E

0.14E

1.14E

1.95E

-0.38E

2.95E

2.30E

1.34E

Previous

0.22E

1.30E

2.26E

-0.45E

3.43E

na

2028E

na

4.55E

3.27E

2.05E

Previous

na

4.20E

na

Aarushi Gupta

Michael Lehman

Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.

Click here for Visible Alpha consensus data