Madison Square Garden (MSG) PT Raised to $356 at Macquarie

Macquarie analyst Amy Yong raised the price target on Madison Square Garden (NYSE: MSG) to $356.00 (from $349.00) while maintaining an Outperform rating.

Yong highlighted:

• The Rangers topped the list as the most valuable NHL team in ’18, affirmation that MSG sits on a portfolio of assets that continue to climb higher.
• The pending spin-off of Sports in 1H will help crystallize its value while the cash/portfolio is preparing for growth in entertainment.
• We raise our TP to US$356 from US$349 reflecting higher Rangers/Knicks valuation as well as the recent completion of the Azoff deal

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