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

Morgan Stanley reiterates its Overweight rating on Madison Square Garden

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.