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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
Jan 2015JefferiesInitiates Coverage onHold
Nov 2014Morgan StanleyDowngradesOverweightEqual-weight
Nov 2014JP MorganMaintainsNeutral

View More Analyst Ratings for MSG
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

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