Jefferies Upgrades Madison Square Garden (MSG) to Buy

Jefferies upgraded Madison Square Garden (NYSE: MSG) from Hold to Buy with a price target of $185.00 (from $85.00).

Analyst John Janedis commented, "We are upgrading MSG to a Buy and $185 PT. Following the spin of MSG Networks, MSG stands to benefit from several key drivers - the largest being its new local TV rights deal and nearly $1.5B of cash on hand to fund an expansion of the entertainment brand. Trading when-issued at $151, the stock today implies only $1B of value for the Knicks/Rangers, or approximately $1B to $2B below our estimates based on the assumed public / private market discount."

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 $151.00 yesterday.

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