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Fly News Breaks for November 19, 2019
Nov 19, 2019 | 06:11 EDT
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.
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