Live Nation down as 1Q loss misses analysts' estimates

Live Nation Inc.'s stock fell Friday as its first-quarter loss narrowed but missed analysts' estimates.

For the period ended March 31, the live event and venue management company reported a loss of $35.4 million, or 47 cents per share, compared with a loss of $45 million, or 69 cents per share, a year earlier.

Revenue increased 22 percent to $636.5 million from $520.3 million, Live Nation said late Thursday.

Analysts surveyed by Thomson Financial expected a loss of 42 cents per share on sales of $568.1 million. Estimates typically exclude one-time items.

David Kestenbaum of Morgan Joseph & Co. called the quarterly results uneventful, but expressed some concern that an impending deal with an unnamed artist may be the last one in the pipeline near term.

Live Nation already has deals with recording artists such as Jay-Z, Madonna and U-2.

He reiterated a "Hold" rating.

But Goldman Sachs' Mark Wienkes remained optimistic on the company partly due to its impressive summer concert lineup, which includes Madonna.

The analyst maintained a "Buy" rating and lifted his price target to $17 from $15.

Shares of Live Nation declined 56 cents, or 4 percent, to $13.55 in afternoon trading. The stock has traded in a 52-week range of $9.26 to $24.09.