Madison Square Garden Shares Slip On Macquarie Downgrade
In a note released Monday morning, Macquarie analyst Amy Yong downgraded shares of The Madison Square Garden Company (NASDAQ: MSG) from Outperform to Neutral and maintained a $61 price target.
Yong noted that the company's EBITDA multiple has expanded by more than two times due to the sale of the Clippers and improved Ranger performance and are now trading at an eight percent premium to peers. She said it is unlikely the company will continue to see multiple expansion as investors switch their sights to more attractive M&A targets.
Following the downgrade, shares of The Madison Square Garden Company were down about one percent.
Latest Ratings for MSG
|Nov 2014||Morgan Stanley||Downgrades||Overweight||Equal-weight|
|Nov 2014||JP Morgan||Maintains||Neutral|
|Nov 2014||Topeka Capital||Maintains||Hold|
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