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Equity Analyst Expects NHL Lockout Resolution (MSG)

December 20, 2012 9:56 AM EST Send to a Friend
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Maxim Group research trimmed numbers on Madison Square Garden (NASDAQ: MSG), lowering 2Q13 Sports segment revenue due to the continued NHL lockout.

Analyst John Tinker said, “We are lowering our 2Q13 Sports segment revenue estimate to $110.8M (up 25% y/y), from $157.7M, as well as our EBITDA estimate to a loss of $20.9M, from $6.5M, due to the continued NHL lockout to December 30th.”

He continues to expect a resolution to be reached, with the season beginning in 3Q13 (calendar March Q). His previous estimates assumed a short season starting December 1st.

"MSG's Media segment should also be negatively affected in the quarter due to NHL lockout; however, we believe the benefit of the Knicks/NBA's ongoing season (compared to no games last year) and higher affiliate fees from Time Warner Cable (NYSE: TWC) should more than offset the losses from the NHL lockout," said Tinker.

Maxim Group has a Buy rating on Madison Square Garden (NASDAQ: MSG) with a price target of $52.00.

For an analyst ratings summary and ratings history on Madison Square Garden click here. For more ratings news on Madison Square Garden click here.

Shares of Madison Square Garden closed at $45.27 yesterday.




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Comments

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Joe P on 2012-12-20 11:25:47
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