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UPDATE: Morgan Stanley Raises PT to $43 on Madison Square Garden on Higher Affiliate Fees

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Morgan Stanley reiterates its Overweight rating on Madison Square Garden (NASDAQ: MSG) and increases its price target from $36 to $43.

Morgan Stanley notes, "Above consensus on affiliate revenue growth at MSG, and our estimates appear conservative: We are raising our FY13 Media rev forecast by ~$40M (+6%), primarily on higher affiliate fees following the TWC renewal. While MSG's negotiation did not come without risk, the ultimate result supports our bullish view of MSG's strategic position as an owner of high-value sports content. "

MSG closed at $36.85 on Tuesday.

Latest Ratings for MSG

DateFirmActionFromTo
Dec 2015Guggenheim SecuritiesInitiates Coverage onBuy
Nov 2015Albert Fried & Co.DowngradesOverweightMarket Perform
Nov 2015MacquarieInitiates Coverage onNeutral

View More Analyst Ratings for MSG
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Posted-In: Morgan StanleyAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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