Imperial Capital analyst David Miller initiated shares of Madison Square Garden (MSG) with an Outperform rating and $372 price target. In a research note to investors, Miller says that while investors have enjoyed an 11.5% increase in share price since the announcement on June 27 that the company is considering splitting into two different entities, he believes there is still "measurable upside" to full intrinsic value on a sum-of-the-parts basis. In addition, post the split-off from MSG Networks (MSGN) in October 2015, investors no longer have to worry about cord-cutting or any other secular concern affecting linear cable networks. Rather, MSG is focused completely on the "live" experience, with flagship assets that include the NY Knicks, the NY Rangers, and the real estate associated with iconic arenas such as the Forum in Los Angeles, Radio City Music Hall, the Chicago Theater, and the Garden itself.