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Fly News Breaks for August 22, 2019
MSGN
Aug 22, 2019 | 07:21 EDT
Macquarie analyst Tim Nollen lowered his price target for MSG Networks to $16.50 from $22 and maintained a Neutral rating after the company's Q4 results missed on all metrics and subscribers were down 6.5% on worse-than-expected pay TV declines across two distributors. In a research note to investors, Nollen says subscriber trends aren't set to improve in the near-term, but potential upside may come from new ad opportunities in sports betting and improved team performance. The analyst sees "rough waters ahead" as cord cutting accelerates.
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