01:21 PM EDT, 06/25/2024 (MT Newswires) -- Live Nation Entertainment ( LYV ) is likely to see "solid demand" throughout the summer, with cancellation rates remaining in line with previous years, Oppenheimer said in a report emailed Tuesday.

The US Justice Department, along with 30 state and district attorneys general, filed a lawsuit against Live Nation last month, saying the company should be broken up because it holds a monopoly in the ticketing and concert promotion sectors.

Oppenheimer said there appears to be a low likelihood of the DOJ successfully breaking up Live Nation as it "hosted an expert call with an actively practicing anti-trust attorney with no ties to [United States Department of Justice]/interested-parties/expert-networks and a unique check to [operating company]."

The Barclays ( JJCTF ) case, closely tied to allegations of monopoly power and previous litigation under the "Consent Decree," will be pivotal, with a potential dismissal possible by late July. Despite this legal backdrop, strong demand persists, notably for smaller venue shows, Oppenheimer added.

Oppenheimer projects a 12% growth in the company's adjusted operating income driven by expanded concert margins and increased fan monetization opportunities at owned venues.

Oppenheimer has an outperform rating on Live Nation with a price target of $110.

Price: 89.41, Change: +0.03, Percent Change: +0.03