UPDATE: Sterne Agee Initiates Coverage on The Madison Square Garden Co. with Neutral Rating, $63 PT Following Analysis

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In a report published Thursday, Sterne Agee analyst Vasily Karasyov initiated coverage on
The Madison Square Garden Co.MSG
with a Neutral rating and $63.00 price target. In the report, Sterne Agee noted, “Our analysis shows that the FCF ramp which underlies the bull thesis on MSG shares won't occur in earnest until FY15. We think that share repurchase is the most reasonable assumption as far as use of excess cash is concerned. We further think that, given the management's comments on the issue, MSG's target leverage is likely to be below the peers' 2.5x. Putting these assumptions together suggests a 12-month price target of $63, and a Neutral rating.” The Madison Square Garden Co. closed on Thursday at $58.94.
Posted In: Analyst ColorInitiationAnalyst RatingsSterne AgeeVasily Karasyov
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