Madison Square Garden (MSG) Stock Defended by Topeka Following Weakness

Topeka Capital reiterated a Buy rating on Madison Square Garden (NASDAQ: MSG) with a price target of $67.00. Analyst David W. Miller defended the stock on weakness, saying it trades well below intrinsic value.

"Prior to this morning’s open, MSG released FQ3 2014 results which easily beat on revenues, although was sloppy on AOCF and EPS due to two external items which we would qualify as one-time in nature. On the ensuing conference call, the very first for new CEO Tad Smith, the company stated that, for now, there will be no return of capital program forward, although that's not to say that eventually there couldn't be. While we are disappointed with the tone of the call in general, we are defending the stock at this valuation," he said.

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 $55.09 yesterday.

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