Knicks Firing Derek Fisher Is Good For Madison Square Garden Stock
- Having headed south for three months, Madison Square Garden Co (NYSE: MSG) shares have lost 17 percent since November 9.
- Albert Fried’s Rich Tullo maintained a Market Perform rating for the company, with a price target of $200.
- Fisher’s departure is a long-term positive for Madison Square Garden’s shares, Tullo believes.
According to the NY Post, Knicks Coach Derek Fisher has been asked to go. Derrick Fisher had mostly a losing record with the Knicks, with the team losing a number of close games. Analyst Rich Tullo believes that Fisher being let go is a long term positive for the team as well as Madison Square Garden’s shares, “given most of the 2015/2016E tickets have been sold and the team still have a shot at the NBA playoffs.”
Commenting on the financial implications of Fisher’s departure, Tullo said that the worst case scenario would be a $12 million onetime hit to earnings.
Latest Ratings for MSG
|Sep 2016||Albert Fried||Maintains||Market Perform|
|Aug 2016||Stifel Nicolaus||Maintains||Buy|
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