UPDATE: Bank of America Raises PO to $37 on Madison Square Garden

Bank of America increases its price objective by $5 to $37 on Neutral-rated Madison Square Garden

as strong teams should offset TWC media carriage blackout. Bank of America says, "Drivers in the Q incl.: (1) higher team ratings, w/the Knicks posting strong double-digit gains, (2) 5 extra Knicks home games, (3) lower bowl Transformation benefits and (4) healthy Ent. bookings. Key offsets: (1) higher game-related costs due to more Knicks games, (2) higher Fuse spending and (3) fewer booking avails at The Garden." MSG closed at $34.20 a share on Friday.