Madison Square Garden Entertainment (MSGE) PT Raised to $60 at Goldman Sachs

Goldman Sachs analyst Stephen Laszczyk raised the price target on Madison Square Garden Entertainment (NYSE: MSGE) to $60.00 (from $53.00) while maintaining a Conviction Buy rating.

The analyst comments: "We believe that the market is currently under-appreciating the opportunity for MSGE to: i) execute against two consecutive years of double-digit AOI growth driven by strong event bookings activity (helped by a robust concerts pipeline in FY2026 and the addition of a music residency in FY2027), ii) ramp capital returns given the company's relatively modest leverage profile (2.9x net leverage as of FY1Q26) and robust free cash flow generation (GSe of ~$150M in FY2026), and iii) potentially monetize several hundred million dollars worth of real-estate and air-rights (against current market cap of ~$2.6B) as part of the upcoming Penn Station redevelopment. At 13.8x Adjusted EBITDA / 16.8x FCFps, MSG Entertainment still trades conservatively vs live entertainment peers that trade at mid-to-high-teens multiples.
The key catalyst in 2026 will likely be movement on the sale of the Theater at MSG related to the Penn Station Transformation Plan (link), where a developer is expected to be assigned by May 2026. While we take no view on the likelihood of any sale, previous press reports suggests that The Theater at MSG & air rights could be worth ~$500M (~20% of market cap) as part of the broader redevelopment plan.

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