Live Nation is still on track to be a solid post-pandemic recovery play despite its continued struggles, according to investment firm Jefferies.

Analyst David Katz upgraded the stock to buy from hold, saying in a note to clients on Sunday that the concert company was poised to have a strong performance in 2022 and beyond.

Live Nation traded at nearly $89 per share last month but has since retreated below $80, and the company reported last week that its first-quarter revenues were down 79% year over year.