Piper Sandler analyst James Callahan initiates coverage on Sphere Entertainment (NYSE: SPHR) with a Overweight rating and a price target of $185.00.

The analyst comments: “We initiate on SPHR with an Overweight rating and $185 PT. Today, SPHR operates an immersive ‘Sphere’ venue in Las Vegas with plans for a global network of venues. SPHR is levered to the strongest bucket of consumer spend (live entertainment ex-sports), and we think Street expectations for the Vegas market in '27E look achievable. We see future upside to shares as more venues are rolled out and think the economics can support Sphere adoption for multiple parties involved. Initiate OW, $185 PT.”

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Shares of Sphere Entertainment closed at $159.79 yesterday.