UPDATE: Morgan Stanley Reiterates On The Madison Square Garden Co. As Capital Allocation Fears Create Opportunity

In a report published Friday, Morgan Stanley analyst Ryan Fiftal reiterated an Overweight rating on The Madison Square Garden Co. MSG, but lowered the price target from $65.00 to $62.00. In the report, Morgan Stanley noted, “Shares are off ~10% since F3Q results on May 1st and have lagged Media by 3,300bp LTM. We believe market fears around suboptimal capital allocation are overblown. The pullback, in our view, provides an opportunity to acquire unique and durable assets with a solid growth outlook at a discount to most media peers and fair value.” The Madison Square Garden Co. closed on Thursday at $49.82.