The Madison Square Garden Receives Overweight Rating from Morgan Stanley (MSG)
The Madison Square Garden (NYSE:MSG)‘s stock had its “overweight” rating restated by research analysts at Morgan Stanley in a report released on Friday, StockRatingsNetwork reports. They currently have a $62.00 price objective on the stock, down from their previous price objective of $65.00. Morgan Stanley’s price objective suggests a potential upside of 24.45% from the company’s current price.
The analysts wrote, “Shares are off ~10% since F3Q results on May 1st and have lagged Media by 3,300bp LTM. We believe market fears around suboptimal capital allocation are overblown. The pullback, in our view, provides an opportunity to acquire unique and durable assets with a solid growth outlook at a discount to most media peers and fair value.”
Shares of The Madison Square Garden (NYSE:MSG) opened at 49.82 on Friday. The Madison Square Garden has a 1-year low of $48.16 and a 1-year high of $63.00. The stock’s 50-day moving average is $53.96 and its 200-day moving average is $56.36. The company has a market cap of $3.845 billion and a P/E ratio of 27.83.
The Madison Square Garden (NYSE:MSG) last announced its earnings results on Friday, May 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by $0.17. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate of $436.60 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts predict that The Madison Square Garden will post $1.72 earnings per share for the current fiscal year.
In other The Madison Square Garden news, CEO Jr. Thomas Smith purchased 26,300 shares of the stock on the open market in a transaction dated Tuesday, May 6th. The shares were purchased at an average price of $50.60 per share, with a total value of $1,330,780.00. Following the acquisition, the chief executive officer now directly owns 18,690 shares in the company, valued at approximately $945,714. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of other analysts have also recently weighed in on MSG. Analysts at Zacks downgraded shares of The Madison Square Garden from a “neutral” rating to an “underperform” rating in a research note on Tuesday, May 6th. They now have a $48.60 price target on the stock. Separately, analysts at Macquarie cut their price target on shares of The Madison Square Garden from $67.00 to $61.00 in a research note on Monday, May 5th. Finally, analysts at Maxim Group downgraded shares of The Madison Square Garden from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $63.92.
The Madison Square Garden Company, is a holding company conducting its operations through direct and indirect subsidiaries.
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