BUZZ - Sphere Entertainment shares drop as BTIG lowers price target, citing slowing bookings

October 6 - ** Sphere Entertainment (SPHR.N) shares fell more than 6% to $104.04

** BTIG lowered its price target from $190 to $160, which still implies 44% upside from the latest closing price

** The brokerage reduced its third-quarter revenue forecast for the Sphere Experience business from $123 million to $110 million, and its fourth-quarter estimate from $164 million to $148 million, both below Wall Street expectations of $123 million and $164 million

** Based on its analysis of ticket sales, a slowdown in "The Wizard of Oz" bookings toward the end of the third quarter, and booking trends at the beginning of October, ticket sales are expected to drop, as well as revenue per show

** Among 13 brokerages, 11 recommend a "buy" rating or higher on the stock, while 2 rate it "hold", with a median price target of $178.50—data compiled by LSEG

** Including the move of the day, the stock has gained 10.50% year-to-date

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