Madison Square Garden (NYSE:MSGS) Given New $485.00 Price Target at JPMorgan Chase & Co.

Madison Square Garden (NYSE:MSGS) had its price target lifted by JPMorgan Chase & Co. from $450.00 to $485.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 19.63% from the company’s current price.

A number of other brokerages have also recently commented on MSGS. Citigroup boosted their price target on Madison Square Garden from $355.00 to $360.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 13th. Guggenheim lifted their price objective on Madison Square Garden from $522.00 to $584.00 and gave the company a “buy” rating in a research note on Friday. Susquehanna boosted their target price on Madison Square Garden from $430.00 to $477.00 and gave the stock a “positive” rating in a report on Friday. Wall Street Zen raised Madison Square Garden from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Morgan Stanley upgraded Madison Square Garden from an “equal weight” rating to an “overweight” rating and set a $450.00 price target for the company in a report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Madison Square Garden presently has an average rating of “Hold” and an average price target of $471.20.

Madison Square Garden Trading Down 1.8%

MSGS traded down $7.57 during midday trading on Friday, reaching $405.41. The company’s stock had a trading volume of 143,690 shares, compared to its average volume of 241,977. The firm has a market capitalization of $9.76 billion, a price-to-earnings ratio of -436.09 and a beta of 0.62. Madison Square Garden has a 1 year low of $191.33 and a 1 year high of $438.93. The stock’s 50-day moving average is $389.37 and its 200-day moving average is $347.13.

Institutional Investors Weigh In On Madison Square Garden

Several institutional investors have recently modified their holdings of MSGS. Robotti Robert purchased a new position in Madison Square Garden in the 2nd quarter worth about $201,000. Trust Co. of Vermont purchased a new stake in shares of Madison Square Garden during the 2nd quarter valued at about $70,000. Handelsbanken Fonder AB grew its stake in shares of Madison Square Garden by 29.7% in the second quarter. Handelsbanken Fonder AB now owns 4,892 shares of the company’s stock worth $1,966,000 after acquiring an additional 1,120 shares during the period. Chemistry Wealth Management LLC purchased a new position in shares of Madison Square Garden during the second quarter valued at approximately $223,000. Finally, Valeo Financial Advisors LLC purchased a new position in shares of Madison Square Garden during the second quarter valued at approximately $226,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Madison Square Garden News Summary

Here are the key news stories impacting Madison Square Garden this week:

• Positive Sentiment: Analysts raised price targets: Susquehanna increased its target from $430 to $477 and assigned a positive rating, while Guggenheim lifted its target from $522 to $584 and reiterated a buy rating. The revisions imply roughly 18% and 44% upside, respectively, from the referenced share price. Benzinga analyst price-target updates
• Positive Sentiment: Quarterly results beat expectations: MSGS reported fiscal fourth-quarter revenue of $278.75 million, up 36.6% year over year, and earnings per share of approximately $1.16 to $1.19, compared with consensus estimates ranging from $0.64 to $0.72. The company also swung from a loss of $0.07 per share in the prior-year quarter to a profit. Madison Square Garden Sports earnings report
• Positive Sentiment: Knicks championship boosted results: Coverage indicates the New York Knicks’ championship run helped drive stronger fourth-quarter performance, supporting higher expectations for team-related revenue, sponsorships, media rights and venue activity. MSG Sports results and Knicks championship coverage
• Neutral Sentiment: Extensive coverage of Travis Kelce and Taylor Swift discussing a wedding at Madison Square Garden increases the venue’s visibility, but the publicity does not yet indicate a material financial effect on MSGS. Hollywood Reporter wedding coverage
• Negative Sentiment: One analysis cautions that the Knicks’ championship may not by itself justify MSGS’s investment case, highlighting valuation and the risk that sports-driven gains may be difficult to sustain. Analysis of MSGS investment case

Madison Square Garden Company Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.