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JPMorgan downgrades WWE's stock


JPMorgan downgrades WWE’s stock

WWE is not off to a good start in 2020.

WWE stock took a big hit today when JPMorgan analyst David Karnovsky downgraded it from Overweight to Neutral and cut his price target from $80 to $47. This blow continues a negative trend the company has suffering since 2020 began.

Karnovsky said there are simply too many unknowns to recommend WWE at this point.

“In some ways it feels like we’re right back where we’ve been with this stock for the last 18 months, in trying to estimate core content revenue and incremental margins,” Karnovsky wrote in a note.

Karnovsky’s “unknowns” may well stem from several legitimate concerns, the first of which being the surprise WWE corporate shake-up on January 30 which saw the removal of longtime co-presidents George Barrios and Michelle Wilson.

To make matters worse, WWE’s recent 2019 earnings report revealed that the company saw a significant drop in Network subscribers and fourth-quarter revenue was also short of expectations. To top it off, Raw ratings are down 31 million average viewers over the past two years.

Last, but certainly not least, is the news that law firm Levi & Korsinsky have begun an investigation into whether WWE violated federal securities laws.

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