TKO Group Holdings Inc (NYSE:TKO) shares are trading higher on Tuesday. The stock initially popped late Monday after Meta Platforms Inc (NASDAQ:META) announced that UFC president and CEO Dana White will join the company's board. UBS also lifted its price target Tuesday morning.

What Happened: UBS analyst Ryan Gravett maintained TKO Group Holdings with a Buy rating on Tuesday and raised the price target from $135 to $170.

The price target increase comes after Meta announced that it added White to its board. White will join Meta's board alongside John Elkann and Charlie Songhurst, who were also added to Meta's board on Monday.

"I've never been interested in joining a board of directors until I got the offer to join Meta's board. I am a huge believer that social media and AI are the future," White said.

"I am very excited to join this incredible team and to learn more about this business from the inside. There is nothing I love more than building brands, and I look forward to helping take Meta to the next level."

TKO shares may also be getting a boost on Tuesday after WWE Raw debuted on Netflix Inc Monday night. The WWE, like the UFC, is owned by TKO Group. According to wrestling business reporter Brandon Thurston, WWE set new attendance gate records for the Netflix premiere.

TKO Price Action: TKO Group Holdings shares were up 1.16% at $143.29 at the time of publication, according to Benzinga Pro.

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