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MSG

Madison Square Garden

$289.12

-0.5 (-0.17%)

05:14
02/14/19
02/14
05:14
02/14/19
05:14

Madison Square Garden price target raised to $383 from $372 at Imperial Capital

Imperial Capital analyst David Miller raised his price target for Madison Square Garden to $383 after recalibrating various components in his sum-of-the-parts base model. The analyst increased his 2019 terminal value entry on the New York Knicks NBA franchise to $4.0B from $3.29B, consistent with the new Forbes valuation. He also boosted the value of the Rangers to $1.60B. Miller maintains an Outperform rating on Madison Square Garden.

MSG Madison Square Garden
$289.12

-0.5 (-0.17%)

08/21/18
08/21/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. JEFFERIES UPS DISCOVERY TO BUY: Jefferies analyst John Janedis upgraded Discovery (DISCA) to Buy from Hold and raised his price target for shares to $34 from $26, telling investors he sees "several" opportunities that could increase Discovery's free cash flow, including stronger U.S. distribution growth, upside to realized synergies and the potential for a re-introduction of a stock repurchase plan earlier than anticipated. Janedis said he believes the market is under-appreciating Discovery's relative stability and free cash flow generation. Discovery shares were higher by 3.4% in late morning trading. BOFA RAISES APPLE PRICE TARGET TO $250: BofA Merrill Lynch analyst Wamsi Mohan said his analysis of third-party data indicates that the relative contribution from games to App Store revenue is coming down and he views this diversifying away from gaming as bullish for Apple's (AAPL) Services business. The strong growth rate of non-gaming categories gives him increased confidence in the sustainability of strong App Store sales, leading the analyst to raise his Services revenue estimate and increase his price target on Apple shares to $250 from $230 with a Buy rating on the name. IMPERIAL STARTS MSG AT OUTPERFORM: Imperial Capital analyst David Miller initiated shares of Madison Square Garden (MSG) with an Outperform rating and $372 price target. Miller believes there is still "measurable upside" to full intrinsic value on a sum-of-the-parts basis. In addition, post the split-off from MSG Networks (MSGN) in October 2015, investors no longer have to worry about cord-cutting or any other secular concern affecting linear cable networks. Rather, MSG is focused completely on the "live" experience, with flagship assets that include the NY Knicks, the NY Rangers, and the real estate associated with iconic arenas such as the Forum in Los Angeles, Radio City Music Hall, the Chicago Theater, and the Garden itself. MORGAN STANLEY GOES RESTRICTED ON TESLA: Morgan Stanley is now restricted in terms of rating Tesla (TSLA), on which the firm previously had an Equal Weight rating. The Fly notes that on August 15, Goldman Sachs went to Not Rated on Tesla, with analyst David Tamberrino stating that the change was due to Goldman "acting as a financial advisor in connection with a matter that is fundamental to the reasonable analysis of the rating and price target for this stock." It may be that a similar situation is why Morgan Stanley is restricted in covering Tesla, though that has not been confirmed by the bank.
08/23/18
GUGG
08/23/18
NO CHANGE
Target $350
GUGG
Buy
Madison Square Garden price target raised to $350 from $265 at Guggenheim
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".
09/04/18
IMPC
09/04/18
NO CHANGE
Target $372
IMPC
Outperform
Madison Square Garden likely to announce LA residency act, says Imperial Capital
Imperial Capital analyst David Miller believes Madison Square Garden is gearing up to announce a brand new "concert residency" at the Forum in Los Angeles. The concept would be the same as what currently exists for Billy Joel at Madison Square Garden in New York City, but exclusively on the West Coast, Miller tells investors in a research note. The analyst thinks the agreement would likely "involve a rock act identifiable with Los Angeles, or the West Coast in general." Miller keeps an Outperform rating on Madison Square Garden with a $372 price target.
02/01/19
IMPC
02/01/19
NO CHANGE
Target $372
IMPC
Outperform
Imperial Capital keeps $372 target on MSG after Q2 beat
Imperial Capital analyst David Miller raised his estimates for Madison Square Garden after the company reported fiscal Q2 results well ahead of expectations. The maintains an Outperform rating on the shares with a sum-of-the-parts price of $372.

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