UPDATE: Miller Tabak Raises Madison Square Garden's PT
In a research report published earlier today, Miller Tabak has increased Madison Square Garden's (NASDAQ: MSG) PT from $33 to $35.
Miller Tabak commented in the report, “We are increasing our Madison Square Garden Company (MSG-$32.85-Neutral- Target $35) estimates to add back in a half-quarter of MSG and fuse network carriage fees (and better advertising revenue) due to the resolved dispute with Time Warner Cable (TWC-$77.66-Buy-ST Target $85, LT $100). Earlier in the quarter, we had conservatively assumed no carriage until 4/1/12, but we now put back in the carriage of 17.5% of fuse (at an assumed $0.10/mth) and 30% of MSG and MSG+subscribing homes (at an assumed combined $4.00/mth, +9%, vs. our prior +6% estimate) that TWC represents, which helps to slightly increase our F'13 estimates as well. TWC has about 2.3 mm subs in New York state, of which an estimated 1.1 mm are in NYC.”
Madison Square Garden is currently trading at $33.16.
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