TKO集团：2027年展望（为时尚早）；目标价上调至240美元

Today, we are publishing a way-too-early 2027 preview on the most controversial name in our coverage. Management has pointed the Street to a busy Q1 between a February guide and an end-of-quarter Investor Day to cover the multi-year outlook. UFC & WWE growth should carry high incremental margins enabled by media rights escalators and sponsorship execution. Our estimates imply EBITDA growth is achievable, but we expect management to guide to a slightly lower range. Live Events growth could prove muted given laps, while IMG will face a challenging headwind as it laps the Milan Olympics and the FIFA World Cup. We see Zuffa Boxing as a call option on industry transformation, with value driven by platform scale, fighter ownership, media monetization, and the potential for a more unified boxing ecosystem. We maintain our Outperform rating and raise our 12-month price target to reflect the value of the Zuffa Boxing option.