Madison Square Garden Sports (MSGS) Highlighted as a Key Reopening Trade at Jefferies
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Jefferies analyst David Katz lowered the price target on Madison Square Garden Sports (NYSE: MSGS) to $225.00 (from $228.00) after the company reported 2Q21 results, on 2/3 BMO, of $28.8M in revenue, below the Visible Alpha consensus of $32.3M. The loss of $19.0M for AOI was better than feared with consensus at $34.7M. However, the analyst is beginning to look ahead one year to results after reopening as well as the upcoming media license renewals and potential upside from the evolving sports betting market.
The analyst stated "We are updating our model to reflect the reported results and Mgt's commentary. More specifically, we are adjusting for lower local media rights with the NHL season shortened. In addition, we expect lower direct operating expenses, in part driven by the new CBA agreement. We now expect FY21 revenue to be $372M and AOI to be a loss of $93.2M, vs. $391.8M and an AOI loss of $165.6M prior. Our FY22 estimates are revised to $771.9M for revenue and $69.9M for AOI, vs. $775.6M and $109.4M prior. As the Street's appetite for unrealized recovery stocks grows, MSGS is positioned favorably."
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