WWE's stock surges toward longest win streak in 4 1/2 years; Benchmark analyst gets bullish again

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Shares of World Wrestling Entertainment Inc. surged 3.7% in morning trading Friday, after Benchmark analyst Mike Hickey went back to being bullish on the professional wrestling and media company, saying he was more encouraged on valuation as an "economic reset strategy" amid the COVID-19 pandemic has become more visible. The stock's rally puts it on track for a 9th-straight gain, which would be the longest such stretch since the 11-day win streak ending Oct. 13, 2015. Also helping boost the stock during the streak, was Florida deeming earlier this month WWE as an essential business. Benchmark's Hickey raised his rating to buy, about 2 months after downgrading it to hold. "WWE has negotiated most of their global TV rights deals and has qualified as an essential business in Florida, providing a contractual path for future growth," Hickey wrote in a note to clients. He said WWE doesn't appear to have any near-term liquidity issues, and said he assumes the contractual TV rights fees are worth more than the current enterprise value of the company. Hickey said a $46 target for the stock, which is above current levels. The stock has now run up 35% since March 16, when it closed ($30.44) at the lowest price since Dec. 28, 2017, while the S&P 500 has gained 19% over the same time.