Guggenheim analyst Michael Morris raised his price target on Madison Square Garden to $350 and kept his Buy rating, citing the shift in his valuation model to a solo sum-of-the-parts from a blend of SOTM and target multiple. Morris also cites the company's recent indication to consider a spinoff for 2/3rd of its sports business, driving valuation of its Knicks and Rangers sports franchises to reflect their transaction value. The analyst adds that his valuation assumes the Sports business at $210/share and the Entertainment business at $178/share reflecting investment values of Madison Square Garden and the Forum, along with the "relative EBITDA multiple on the booking, productions and other live businesses".