The firm downgraded the stock to peer perform from outperform and removed its price target.
Investors hoping the recent leadership shakeup at WWE would be a knock-out may instead find themselves getting body slammed, Wolfe Research warned. Analyst Peter Supino downgraded the stock to peer perform from outperform. Supino also removed his price target of $111 per share. That target was 30% above Monday's closing price of $84.95.
Supino said the resignation bolsters his perception of instability at the company, especially when paired with the return of prior board members who resigned in 2020. He said Stephanie sounded fully committed to the role before her father's return, so her resignation could signal a rebuke of Vince or that she wanted to free her equity stake from employment binds.
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