Endeavor Group Holdings, Inc. (NYSE:EDR) reported its Q2 results, with revenue coming in at $1.313 billion. The company provided its full 2022-year outlook, expecting revenue in the range of $5.235-$5.475 billion.
The company raised its 2022 adjusted EBITDA guidance to $1.13-$1.17 billion, reflecting continued strength across the portfolio–owned sports properties, representation, events, experiences & rights.
Analysts at Deutsche Bank lowered their price target to $35 from $36 but reiterated their buy rating given favorable secular trends and a strong growth outlook.
According to the analysts, the company is an attractive growth story within media, benefitting from positive secular trends in UFC's popularity and monetization, demand for filmed entertainment content (as well music, sports, and podcasting) among streaming services, and consumer demand for live events and experiences.