Maxim Group Maintains a 'Buy' on Madison Square Garden (MSG); NBA Plans for a 66-Game Season
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Price: $237.22 --0%
Rating Summary:
15 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Maxim Group maintains a 'Buy' on Madison Square Garden (NASDAQ: MSG) price target raised from $32 to $36.
Maxim analyst says, "For the last two reported quarters, MSG has beat both our estimates and consensus EBITDA estimates, as the cost of the Garden shutdown was not as high as anticipated. Y/Y comparisons should be easier as the company is now comping against the closed Garden for Q4 (June) and Q1 (September). Adjusting for the full cost of the lock-out, we are lowering our 2Q12E EBITDA to $62M from $76M, still higher than the consensus estimate of $59M. For FY12, we are similarly lowering our EBITDA estimate to $218M from our previous estimate of $234M, versus consensus of $198M (Thomson One) and $178M (per our discussion with MSG). Notwithstanding the loss of a quarter’s basketball revenue and comping two closed quarters of the garden versus one, our estimated FY12 EBITDA still suggests a 5% y/y increase from the prior four quarters’ $208M. We are maintaining our FY13 EBITDA estimate of $251M, suggesting a 15 % y/y growth rate."
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 $28.37 yesterday.
Maxim analyst says, "For the last two reported quarters, MSG has beat both our estimates and consensus EBITDA estimates, as the cost of the Garden shutdown was not as high as anticipated. Y/Y comparisons should be easier as the company is now comping against the closed Garden for Q4 (June) and Q1 (September). Adjusting for the full cost of the lock-out, we are lowering our 2Q12E EBITDA to $62M from $76M, still higher than the consensus estimate of $59M. For FY12, we are similarly lowering our EBITDA estimate to $218M from our previous estimate of $234M, versus consensus of $198M (Thomson One) and $178M (per our discussion with MSG). Notwithstanding the loss of a quarter’s basketball revenue and comping two closed quarters of the garden versus one, our estimated FY12 EBITDA still suggests a 5% y/y increase from the prior four quarters’ $208M. We are maintaining our FY13 EBITDA estimate of $251M, suggesting a 15 % y/y growth rate."
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 $28.37 yesterday.
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