Guggenheim analyst Michael Morris downgraded MSG Networks to Sell from Neutral with an unchanged price target of $15. The analyst believes the company is in a "challenged" negotiating position as it approaches contract renewals covering 40% of its subscriber base given its current high affiliate rates and sustained low relative audience levels. He cites MSG Networks's "above-peer" operating and financial leverage, concentrated customer exposure, secular subscriber headwinds, and valuation multiples that exceed peers as the key tenants for the downgrade to Sell.