Jefferies analyst John Janedis upgraded Madison Square Garden to Buy from Hold and raised his price target for the shares to $350 from $233. The stock in premarket trading is up 9%, or $23.77, to $290.00 after the company last night announced that its board has authorized management to explore a possible spin-off that would create a separately-traded public company comprised of its sports businesses, including the New York Knicks and New York Rangers professional sports franchises. As MSG intends to separate the Sports and Entertainment businesses in a tax-free spin, the stock's discount to fair value should narrow and the shares should better reflect the considerable intrinsic value of the assets, Janedis tells investors in a research note. In a spin, the analyst assumes total value per share of $350, with $133 attributable to the MSG Sports and $217 for MSG Entertainment.