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Fly News Breaks for October 1, 2015
MSGN, MSG
Oct 1, 2015 | 06:21 EDT
Jefferies analyst John Janedis upgraded Madison Square Garden (MSG) to Buy citing opportunity following the company's MSG Networks (MSG) spinoff. MSG will benefit from its new local TV rights deal and nearly $1.5B of cash on hand to fund an expansion of the entertainment brand, Janedis tells investors in a research note. The when-issued shares around $151 imply $1B of value for the Knicks and Rangers, or $1B-$2B below the analyst's estimates. He raised his price target for the stock to $185 from $85. Janedis initiated this morning shares of MSG Networks with a Hold rating.
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