Imperial Capital analyst David Miller believes Madison Square Garden's valuation is likely to keep increasing despite the latest player movement at the start of the NBA's free agency period. The analyst, however, lowered his fiscal 2019 and 2020 estimates due to higher corporate expenses. "Far too much emphasis" is being placed on the Knicks at present, Miller tells investors in a research note. He believes the market had "perhaps been telegraphing" the likelihood that the Knicks would not be able to sign either Kevin Durant nor Kyrie Irving, as MSG shares declined 6.1% in the month of June. Miller keeps an Outperform rating on Madison Square Garden with a $377 price target.