Wolfe Research Media & Entertainment Outlook 2026
Wolfe Research has selected five Media, Entertainment & Telecom equities as Outperform for 2026, assigning price targets that imply upside ranging from 18.9% to 46.3%.
Versant Media – Rated Outperform with a $60 price target, representing 46.3% upside. Wolfe cites accelerating Platforms growth, highlighted by the Full Swing acquisition and the launch of the MS NOW direct‑to‑consumer service, together with strong pay‑TV renewals that de‑risk the platform narrative.
Fox Corp. – Assigned an Outperform rating and a $93 target price, equating to 35.9% upside. The firm expects significant advertising and engagement synergies from the Fox‑Roku combination, especially around Tubi and Fox One, and anticipates a sum‑of‑the‑parts re‑rating. Recent developments include speculation of a re‑merger with News Corp., a JPMorgan upgrade to Overweight, and a Seaport Global Securities downgrade to Neutral.
Spotify – Outperform with a $690 target, implying 26.0% upside. Wolfe views Spotify as a beneficiary of the broader streaming bundling trend alongside peers such as Netflix, Disney/Hulu, Amazon and YouTube, and notes rising streaming prices and new monetisation avenues. The company reported second‑quarter revenue up 14% YoY, driven by a 16% increase in Premium revenue.
Sphere Entertainment – Outperform with a $175 target and 23.5% upside. Wolfe highlights the company's best‑in‑class venue economics and the positive spill‑over to tourism and local economies. Sphere posted second‑quarter revenue of $313.6 million, surpassing analyst expectations.
Live Nation Entertainment – Outperform with a $216 target, indicating 18.9% upside. Wolfe remains bullish on live entertainment, arguing that streaming and social media have increased the value of live experiences. The firm points to Venue Nation’s expansion and the early returns from recent capital spending as catalysts. Live Nation reported second‑quarter revenue of $7.7 billion, beating Wall Street forecasts.
Overall, Wolfe Research’s thematic thesis centres on evolving consumer preferences toward streaming bundles and live‑event experiences, which it believes will drive earnings growth across the selected companies.