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Investment analysts at Morgan Stanley lifted their target price on shares of The Madison Square Garden (NYSE:MSG) from $62.00 to $65.00 in a note issued to investors on Wednesday. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 6.98% from the company’s current price.

The analysts wrote, “MSG trades in-line with cable network peers and our broader media/ent. comps on forward EBITDA, despite (1) higher-end growth in our base case forecast and (2) more durable, in our view lower-risk, content assets. “We believe the stock trades inline with peers due to market fears of value-destructive M&A, overly bearish in our view. We see EBITDA upside in all three segments: Sports due to potentially lower payroll as the Knicks rebuild; Media – we believe our ~6% p.a. affiliate fee growth forecast is conservative; and Entertainment – EBITDA running below prior peak with upcoming benefits from running the Garden year-round and opening the LA Forum. In light of increased content investment and rising competition for affiliate fee dollars, networks with must-carry content are best positioned. While MSG lacks potential upside from monetizing new online platforms, we see less downside risk for its core content/audience given its team ownership.”

The Madison Square Garden (NYSE:MSG) traded up 1.33% on Wednesday, hitting $61.57. The stock had a trading volume of 97,206 shares. The Madison Square Garden has a 52-week low of $48.16 and a 52-week high of $62.84. The stock has a 50-day moving average of $58.85 and a 200-day moving average of $56.72. The company has a market cap of $4.752 billion and a P/E ratio of 33.94.

The Madison Square Garden (NYSE:MSG) last announced its earnings results on Friday, May 2nd. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.49 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts predict that The Madison Square Garden will post $1.64 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. 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 investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $64.90.

The Madison Square Garden Company, is a holding company conducting its operations through direct and indirect subsidiaries.

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