Tags: US | Live | Nation | Mover

Live Nation Shares Extend Slide on Dim Outlook

Friday, 16 Jul 2010 12:59 PM

 

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Concern about a weak summer concert season sent Live Nation Entertainment Inc. shares down sharply for a second day in a row.

Standard & Poor's analyst Tuna Amobi cut his rating on the company to "Hold" from "Buy," while Stifel Nicolaus analyst Benjamin Mogil reduced his price target on shares after the company warned that its earnings this year will slip from 2009 levels.

A shaky economy and some high-profile tour cancellations have hurt ticket sales.

Live Nation said it sold 4 percent fewer tickers in the first half of the year compared with the same period a year ago. Gross ticket revenue was down 9 percent.

Amobi said Live Nation's outlook is "clouded by creeping pricing pressures and increasingly tentative touring schedules." He cut his share price target to $10 from $17.

Live Nation shares fell 89 cents, or 8.7 percent, to $9.30 in afternoon trading Friday. The stock fished Thursday's trading down 11 percent. It has ranged from $5 to $16.90 over the past year.

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