Wells Fargo upgrades WWE stock to Equalweight

Yahoo Finance entertainment reporter Allie Canal highlights the WWE's latest stock upgrade issued by Wells Fargo analysts.

Video Transcript

[AUDIO LOGO]

SEANA SMITH: To WWE. I know you've been tracking this story. We've been talking about potential buyers there for the business. The stock actually got an upgrade from Wells Fargo. What did they like ahead of that?

ALLIE CANAL: Yeah, WWE is one of those stocks that's really been in the spotlight lately. Wells Fargo upgrading shares to equal weight from underweight. Also upped its price target to $100 a share up from $52 a share.

And analyst Steve Cahall wrote in that upgrade note, quote, "WWE's strategic process has a reasonable probability of success." And a lot of that has to do with potential buyers. Some of those names include Netflix, Amazon, Comcast, Disney. They all want a piece of this at the end of the day.

And, of course, we heard from a source that told Yahoo Finance last week that WWE has not been sold to Saudi Arabia's Public Investment Fund. That was a [INAUDIBLE] rumor that sent shares higher. But, again, all still a possibility.

And Wells Fargo did estimate that WWE could be worth about $8 billion in a sale. Its current market cap is around $6.6 billion. So we'll have to wait and see what happens with this stock.

SEANA SMITH: We will. The stock closing up just about 3/10 of a percent. All right. Thanks so much, Allie.