Baird initiated coverage on TKO Group Holdings (NYSE:TKO) with an Outperform rating and a $225 price target, citing strong positioning in the evolving media landscape.

The analysts highlighted the company's recent media rights agreements for UFC and WWE, noting that the deals provided greater visibility into long-term performance while also strengthening brand value. They said additional upside drivers remained, including potential growth from boxing, site fees, dynamic pricing, and new partnerships.

Baird concluded that TKO was well-positioned to capitalize on these opportunities and maintained it would remain an attractive asset for investors.