Live Nation Entertainment Inc. (LYV): International Engine in Evidence - Reiterate OW

Live Nation's +14% YoY adj. OI growth in Q3 outperformed, driven by international strength. Overall and operated venue FY26 fan growth expectations were raised, and Ticketmaster continues to outperform. FY26 outlook improves slightly with more forward commentary expected at next week's investor day. Earnings results highlighted what we see as the compelling runway for fan, revenue, and earnings growth internationally. The company raised overall fan growth guidance by 5mm to nearly 180mm, and now expects over 75mm fans across its operated venue portfolio. Arenas outside of the U.S. are expected to deliver 75% of owned or operated fan growth at its large venues in FY26, with attendance surpassing U.S. amphitheaters. That strong international mix shift may carry modest AOI/fan dilution, with upside driven by volume. Improving business momentum at Ticketmaster was also clear, where the full-year outlook improved to high-single digit AOI growth from mid-single digit growth previously. Ticke