Ticketmaster parent Live Nation Entertainment Inc. on Thursday said the concert industry is still on a tear following last year’s massive rebound. But on Friday, at least, investors weren’t buying it. Live Nation shares
LYV,
-10.08%
slid 9.7% on Friday. But even as concerns grow over whether the company has maxed out its COVID-19-era gains and whether a bigger regulatory crackdown is coming, analysts didn’t appear to think Live Nation or its grip on the concert-ticket market were going anywhere.
William Blair analyst Ryan Sundby, in a research note on Friday, said that “concerns seem to center on the idea that 2022 could represent peak earnings power as a ‘reopening play.’” But he said that “we would caution investors against lumping Live Nation in alongside other companies that have benefited from a COVID related lift in pent-up spending given the global opportunity to continue to unlock latent demand and drive higher ancillary spending.” However, LightShed Partners analyst Brandon Ross also told Barron’s that the stock, at the moment, suffered from a “massive regulatory overhang.” But he said the stock could move higher once that overhang lifts. Live Nation on Thursday said it finished 2022 with sales up 44% to $16.7 billion — by far its best ev …