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Fly News Breaks for August 21, 2019
MSGN
Aug 21, 2019 | 10:36 EDT
As previously reported, Evercore ISI analyst David Joyce downgraded MSG Networks to Underperform from In Line and cut his price target on the stock to $18 from $22 after the company reported that it lost 6.5% of subscribers in Q4, which he said was "far greater" than his expectation for a loss of 3.7% and an acceleration from the decline in the prior quarter. While he does not expect this level of losses going forward, the underperformance of MSG Networks compared to the broader industry is "concerning," said Joyce.
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