UPDATE: Morgan Stanley Downgrades Madison Square Garden

In a note issued Thurday, Morgan Stanley analyst Ryan Fiftal downgraded shares of The Madison Square Garden Co MSG from Overweight to Equal-weight and lowered the price target from $80 to $70.

Fiftal commented, "Much of our prior bull case has played out. Downside appears limited, but we believe further corporate action to close MSG's discount to private market value is unlikely over the next year."

Fiftal noted the discount to private market value is currently 25 percent to 30 percent, the majority of which he said resides in selling the teams and Garden arena. However, Fidtal does not believe the company's restructuring plan increases the chance of a team or venue sale.

Looking ahead, Fiftal is predicting an EPS for 2015 and 2016 of $1.90 and $2.68, respectively.

Shares were down about 1 percent at $74.00 in the pre-market session.