Maxim Group Upgrades Madison Square Garden (MSG) to Buy on Better Cost Conrol, Bet the NHL Lockout Ends
Tweet Send to a Friend
Get Alerts MSG Hot Sheet
Price: $59.42 +0.81%
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
9 Buy, 3 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade MSG Now!
Maxim Group upgraded Madison Square Garden (NASDAQ: MSG) from Hold to Buy with a price target of $52.00 on Q3 EBITDA beat due to better cost control and a bet that the NHL lockout ends.
Analyst John Tinker notes:
"The company reported EBITDA of $63.3M (up 37.4% y/y) significantly beating both our/consensus estimates of~ $47M. We are maintaining our FY13 revenue estimate of $1.38B (up 7.2% y/y) but raising our FY13 EBITDA estimate to $309.7M (9.3% y/y) from $295M. We are maintaining our FY14 revenue estimate of $1.51B (up 10% y/y) and EBITDA estimate of $352M (up 13.8% y/y) as the Forum opens compared to consensus estimate for revenue of $1.50B and EBITDA of $332M."
He notes that FY13 estimates could fall if the NHL lockout continues. A full lockout could cost the Garden ~$60M in EBITDA, a combination of no game admission revenue and lower MSG ratings.
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 $41.45 yesterday, with a 52 week range of $24.63-$44.75.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst John Tinker notes:
"The company reported EBITDA of $63.3M (up 37.4% y/y) significantly beating both our/consensus estimates of~ $47M. We are maintaining our FY13 revenue estimate of $1.38B (up 7.2% y/y) but raising our FY13 EBITDA estimate to $309.7M (9.3% y/y) from $295M. We are maintaining our FY14 revenue estimate of $1.51B (up 10% y/y) and EBITDA estimate of $352M (up 13.8% y/y) as the Forum opens compared to consensus estimate for revenue of $1.50B and EBITDA of $332M."
He notes that FY13 estimates could fall if the NHL lockout continues. A full lockout could cost the Garden ~$60M in EBITDA, a combination of no game admission revenue and lower MSG ratings.
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 $41.45 yesterday, with a 52 week range of $24.63-$44.75.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Hewlett-Packard (HPQ) Q2 Performance Wins Praise on Wall Street; Jefferies Raises to Hold
- Wedbush Upgrades Pacific Sunwear of California (PSUN) to Neutral
- Jefferies Lifts Numbers on Diana Shipping (DSX) Post Q1
Create E-mail Alert Related Categories
Analyst EPS Change, Analyst EPS View, UpgradesRelated Entities
Maxim Group
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
