JPMorgan Chase & Co. Raises Madison Square Garden (NYSE:MSGS) Price Target to $450.00

Key Points

• JPMorgan Chase & Co. raised its price target on Madison Square Garden Sports (NYSE: MSGS) to $450 from $400 and kept an overweight rating, implying about 13.15% upside from the prior close.
• Other analysts have also turned more constructive, including Morgan Stanley upgrading the stock to overweight with a $450 target. Overall, MSGS now carries a Hold consensus rating and an average target price of $432.
• The stock recently traded at $397.69, near its 12-month high of $411.73, while the company’s latest earnings missed EPS expectations despite slightly beating revenue estimates.

Madison Square Garden (NYSE:MSGS - Get Free Report) had its target price raised by equities research analysts at JPMorgan Chase & Co. from $400.00 to $450.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 13.15% from the stock's previous close.

A number of other research firms have also recently weighed in on MSGS. Morgan Stanley upgraded shares of Madison Square Garden from an "equal weight" rating to an "overweight" rating and set a $450.00 target price on the stock in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Saturday. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Citigroup upped their price objective on Madison Square Garden from $355.00 to $360.00 and gave the company a "neutral" rating in a research note on Wednesday, May 13th. Finally, Seaport Research Partners increased their price objective on Madison Square Garden from $430.00 to $435.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $432.00.

Madison Square Garden Price Performance

Shares of Madison Square Garden stock traded down $0.27 during trading hours on Tuesday, hitting $397.69. 16,870 shares of the company's stock traded hands, compared to its average volume of 247,723. The stock has a market capitalization of $9.58 billion, a price-to-earnings ratio of -427.62 and a beta of 0.61. Madison Square Garden has a 12-month low of $188.60 and a 12-month high of $411.73. The company has a fifty day simple moving average of $376.52 and a 200-day simple moving average of $331.41.

Madison Square Garden (NYSE:MSGS - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The company reported ($0.83) earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($1.39). The company had revenue of $432.20 million for the quarter, compared to the consensus estimate of $429.66 million. During the same quarter in the prior year, the business earned ($0.59) earnings per share. The business's revenue was up 1.9% compared to the same quarter last year. On average, analysts forecast that Madison Square Garden will post -0.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Madison Square Garden

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Madison Square Garden in the fourth quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in Madison Square Garden by 67.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 122 shares of the company's stock worth $32,000 after buying an additional 49 shares during the period. SJS Investment Consulting Inc. boosted its holdings in Madison Square Garden by 488.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 100 shares of the company's stock worth $32,000 after buying an additional 83 shares during the period. Global Retirement Partners LLC grew its stake in Madison Square Garden by 1,150.0% in the 4th quarter. Global Retirement Partners LLC now owns 125 shares of the company's stock valued at $32,000 after buying an additional 115 shares in the last quarter. Finally, Salomon & Ludwin LLC grew its stake in Madison Square Garden by 33.1% in the 4th quarter. Salomon & Ludwin LLC now owns 157 shares of the company's stock valued at $40,000 after buying an additional 39 shares in the last quarter. Institutional investors own 68.94% of the company's stock.

About Madison Square Garden

Madison Square Garden Sports Corp NYSE: MSGS is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA's New York Knicks, the NHL's New York Rangers and the WNBA's New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.