Eventbrite falls as brokerages cut PTs on Q4 revenue miss

Eventbrite

28/02/2024 12:42

** Shares of ticketing service provider Eventbrite  EB.N 
down 12% at $7.32 premarket trading
    ** Co on Tuesday reported Q4 rev and adj. EBITDA below
analysts' estimate
    ** Says Q4 paid ticket volume was down 4% and expects full
year 2024 net revenue to be in the range of $359 mln to $372 mln
    ** Four brokerages cut their PTs on stock after the downbeat
forecast
    ** Piper Sandler says EB is facing headwinds in paid ticket
volume, resulting in forecast of rev growth decelerating to 12%
in 2024
    ** Morgan Stanley notes adverse creator response to paying
for all event listings on EB's platform, even free events, as
more negative than expected
    ** J.P.Morgan believes paid ticket volume weakness should be
transitory, but strong execution is critical over next few
quarters 
    ** Of the seven analysts that cover the stock, five rate it
"buy" while two rate "hold"; their median PT is $10.5
    ** EB was up ~43% in 2023

 (Reporting by Roshan Abraham)
 ((Roshan.Abraham@thomsonreuters.com))