Citi upgrades struggling WWE, says upside from here ‘looks attractive’

WWE SmackDown World Tour

Joern Pollex | Bongarts | Getty Images

The upside case for World Wrestling Entertainment‘s stock far outweighs the downside, according to Citi.

The firm upgraded the struggling stock to buy from neutral as the risk-reward “looks attractive.” Citi calculates WWE only has 15% more to fall in a downside scenario, while the shares have 45% upside.

The shares have been struggling as management hinted at higher spending in 2020 and consensus estimates for operating income tumbled. 

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