Wedbush Initiates Coverage of StubHub with "Outperform" Rating and $25 Price Target

StubHub has been initiated with an "outperform" rating by Wedbush, citing its evolution into a diversified ticketing platform with potential to disrupt the primary market. The bank forecasts direct issuance gross merchandise sales to rise from $240mln to $12.7bln by 2028, making up 40% of total ticket volume. The stock was up 6% at $20.

Shares of StubHub (NYSE: STUB) experienced a significant rally in premarket trading on Monday, September 12, 2025, following a series of upbeat analyst initiations from major Wall Street banks. The stock gained more than 6% in value, driven by analysts' positive outlook on the company's commanding position in the secondary ticketing market and its growth potential in direct issuance and advertising.

BMO Capital Markets highlighted StubHub's "scale, differentiated offering, and market leadership in the secondary ticketing market," noting that its immediate addressable market of around $195 billion could grow to more than $700 billion as the company expands into adjacent categories StubHub Shares Rally on Bullish Analyst Calls After September IPO^[1].

Citizens analysts echoed this optimism, pointing to StubHub's market share, which they estimate already exceeds 40%, and projected EBITDA margins to surpass 30% in the coming years. They also noted that the "near-term estimates seem beatable," with the 2026 World Cup serving as a favorable macro tailwind StubHub Shares Rally on Bullish Analyst Calls After September IPO^[1].

Evercore analysts underscored StubHub's high brand recognition and user satisfaction, which could help it gain share in primary ticket issuance. They estimated the company's penetration into its $190 billion total addressable ticketing market (TAM) to be around 5% StubHub Shares Rally on Bullish Analyst Calls After September IPO^[1].

Goldman Sachs built its investment case on StubHub's margin leverage and cash generation potential, forecasting revenue growth at a 36% CAGR through 2029. The bank noted that the company is "positively levered to the large and growing ticketing market," predicting EBITDA margins to rise from 17% in 2024 to above 40% in the next four years StubHub Shares Rally on Bullish Analyst Calls After September IPO^[1].

JPMorgan analysts described StubHub as a "clear leader in secondary ticketing, with accelerating share gains," projecting direct issuance gross merchandise sales to surpass $2 billion in 2026. They identified advertising as a high-margin growth driver, expecting EBITDA margins to top 35% next year as monetization improves StubHub Shares Rally on Bullish Analyst Calls After September IPO^[1].

StubHub raised just under $800 million in its long-anticipated IPO last month, with proceeds earmarked to reduce approximately $2.4 billion in debt. The listing marked its return to public markets after several delays, following its $4.05 billion acquisition by Viagogo in 2020 and its earlier ownership by eBay StubHub Shares Rally on Bullish Analyst Calls After September IPO^[1].

Founded in 2000, StubHub operates a global live events marketplace spanning more than 200 countries, offering tickets to sports, concerts, and a wide range of performances.