Topeka Capital Downgrades Madison Square Garden (MSG) to Hold

Topeka Capital downgraded Madison Square Garden (NASDAQ: MSG) from Buy to Hold with a price target of $63.00 (from $67.00).

Analyst David W. Miller said, "We realize, due to the timing of MSG's FQ4 release next Wednesday morning, that this ratings change appears as if we are worried about the FQ4 print, and in actuality, that is somewhat true, but that is not the soul of this ratings change. Rather, we are worried about levered FCF in F2015, and since our price target had been tied to a multiple of FCF, we are curbing that target, which in turn, forces us to downgrade the stock."

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 $61.20 yesterday.

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