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Investors should buy Live Nation shares on the prospect of strong profit growth ahead from its concert ticketing business, according to JPMorgan, which initiated coverage on the company with an overweight rating.
"A global leader in live entertainment, ticketing and talent management services, we see Live Nation as a multiyear free cash flow growth story," analyst David Karnovsky wrote in a note to clients Thursday.
"The company has a dominant position across the concert value chain creating high barriers to entry, and attractively operates in a media niche without risk of disintermediation, giving us a high degree of confidence in our higher-than-consensus financial outlook."