01:59 PM EDT, 04/25/2024 (MT Newswires) -- Live Nation Entertainment's ( LYV ) strong financial visibility and high return on invested capital has been overshadowed by the US Department of Justice's probe, Oppenheimer said Thursday in a report.

The Wall Street Journal reported earlier in the month that the Justice Department is considering legal action against the company's Ticketmaster division. Oppenheimer said the issue "is an overhang on Q1 earnings."

"We view any DOJ announcement as a clearing event and see a low probability the agency is ultimately successful in forcing a break-up," Oppenheimer added.

Oppenheimer forecasts 3% year-over-year revenue growth for the company in Q1 due to concert/ticketing activity shifting to Q2 and Q3 with more events at Amphitheaters.

Oppenheimer kept its outperform rating on Live Nation with a price target of $120.

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