Shares of World Wrestling Entertainment Inc. rallied 1% in premarket trade Monday, after the KeyBanc Capital raised its stock price target on the media and entertainment company by nearly 50%, citing expectations that pricing for TV rights will "greatly exceed" prior expectations. Analyst Evan Wingren boosted his target to $71 from $49, while reiterating his overweight rating. Based on press reports, which Wingren said he views as "reputable," a deal for new TV rights for "Raw" and "Smackdown" programming will triple on an annual contract value basis. "Simply put, the future of WWE hinged on these renewals," Wingren wrote in a note to clients. "With the level of recurring revenue now likely to greatly expand, it gives WWE leeway to invest even further in the brand, data, international and localization." The stock, which closed at a record $59.19 on May 29, has rocketed 93% year to date through Friday, while the S&P 500 has edged up 2.3%.