Sphere Entertainment Co. (SPHR) is getting some love from Wall Street as its Wizard of Oz experience continues to pack in crowds. The immersive show is seeing solid numbers across the board—show count, attendance, and apparently pricing too.

Seaport Research analyst David Joyce upgraded Sphere Entertainment to Buy from Neutral and set a price target of $106, betting that the Las Vegas venue's momentum extends well into next year.

The Bullish Case

Joyce points out that more musical artist residency dates have been added to the first and second quarter calendars, meaning the venue is now comparing favorably to 2025. There's also chatter about another Sphere franchise location potentially on the horizon, and indications that the original Sphere might already be fully booked for 2026—even if not all events have been publicly announced yet.

Revenue Projections Jump

The analyst bumped up his fourth-quarter Sphere Experience revenue estimate to $184 million, a substantial increase from the $100 million recorded in the third quarter and well above last year's fourth quarter figure of $87 million.

Joyce also raised his fourth-quarter Sphere segment revenue forecast by 9% to $259 million (up 53% year-over-year) and total company revenue to $389 million (up 26% year-over-year, including MSG Networks). The Sphere segment's adjusted operating income estimate for the quarter climbed 16% to $70.5 million.

The analyst now estimates around 200 Wizard of Oz shows, which would match last year's combination of 170 Postcard from Earth shows and 30 V-U2 performances.

SPHR Price Action: Sphere Entertainment shares climbed 5.06% to $95.99 on Friday, trading near the stock's 52-week high of $97.20.