JPMorgan Chase & Co. Raises Madison Square Garden (NYSE:MSGS) Price Target to $485.00

Key Points

• JPMorgan raised Madison Square Garden’s price target from $450 to $485 and maintained an “overweight” rating, implying approximately 19.6% upside from the prior close.
• Analyst sentiment is mixed: the stock has an average “Hold” rating across nine analysts, with an average price target of $471.20; Guggenheim and Susquehanna recently raised their targets and issued bullish ratings.
• MSGS shares fell 1.8% to $405.41 in Friday trading, while institutional investors—including hedge funds—own approximately 68.94% of the company.

Madison Square Garden (NYSE:MSGS - Get Free Report) had its price target upped by equities researchers at JPMorgan Chase & Co. from $450.00 to $485.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 19.63% from the stock's previous close.

A number of other brokerages have also recently commented on MSGS. Wall Street Zen raised Madison Square Garden from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. Susquehanna raised their target price on shares of Madison Square Garden from $430.00 to $477.00 and gave the stock a "positive" rating in a report on Friday. Citigroup lifted their target price on shares of Madison Square Garden from $355.00 to $360.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 13th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Madison Square Garden in a report on Wednesday, June 24th. Finally, Guggenheim increased their price target on shares of Madison Square Garden from $522.00 to $584.00 and gave the company a "buy" rating in a research report on Friday. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $471.20.

Madison Square Garden Stock Down 1.8%

Shares of MSGS traded down $7.57 during trading hours on Friday, hitting $405.41. The company had a trading volume of 143,690 shares, compared to its average volume of 241,977. Madison Square Garden has a 52-week low of $191.33 and a 52-week high of $438.93. The stock's 50 day moving average price is $389.37 and its 200 day moving average price is $347.13. The firm has a market cap of $9.76 billion, a P/E ratio of -436.09 and a beta of 0.62.

Hedge Funds Weigh In On Madison Square Garden

Hedge funds and other institutional investors have recently modified their holdings of the stock. SJS Investment Consulting Inc. lifted its holdings in Madison Square Garden by 488.2% in the first 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. Aster Capital Management DIFC Ltd bought a new position in shares of Madison Square Garden in the 4th quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 valued at $32,000 after purchasing an additional 49 shares during the period. Global Retirement Partners LLC lifted its stake in shares of 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 purchasing an additional 115 shares during the period. Finally, Salomon & Ludwin LLC boosted its position in shares of Madison Square Garden by 33.1% during the fourth quarter. Salomon & Ludwin LLC now owns 157 shares of the company's stock valued at $40,000 after purchasing an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company's stock.

Madison Square Garden News Summary

Here are the key news stories impacting Madison Square Garden this week:

• Positive Sentiment: Analysts raised price targets: Susquehanna increased its target from $430 to $477 and assigned a positive rating, while Guggenheim lifted its target from $522 to $584 and reiterated a buy rating. The revisions imply roughly 18% and 44% upside, respectively, from the referenced share price. Benzinga analyst price-target updates
• Positive Sentiment: Quarterly results beat expectations: MSGS reported fiscal fourth-quarter revenue of $278.75 million, up 36.6% year over year, and earnings per share of approximately $1.16 to $1.19, compared with consensus estimates ranging from $0.64 to $0.72. The company also swung from a loss of $0.07 per share in the prior-year quarter to a profit. Madison Square Garden Sports earnings report
• Positive Sentiment: Knicks championship boosted results: Coverage indicates the New York Knicks’ championship run helped drive stronger fourth-quarter performance, supporting higher expectations for team-related revenue, sponsorships, media rights and venue activity. MSG Sports results and Knicks championship coverage
• Neutral Sentiment: Extensive coverage of Travis Kelce and Taylor Swift discussing a wedding at Madison Square Garden increases the venue’s visibility, but the publicity does not yet indicate a material financial effect on MSGS. Hollywood Reporter wedding coverage
• Negative Sentiment: One analysis cautions that the Knicks’ championship may not by itself justify MSGS’s investment case, highlighting valuation and the risk that sports-driven gains may be difficult to sustain. Analysis of MSGS investment case

Madison Square Garden Company Profile

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.

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