UPDATE: Bank of America Merrill Lynch Maintains Neutral Rating, Raises PT for Madison Square Garden

In a report published earlier today, Bank of America Merrill Lynch maintained its Neutral rating for Madison Square Garden, Inc.

, and raised its price target from $37.00 to $41.00. BofA Merrill Lynch went on to say “Despite attractive LT risk/reward (aided by Transformation cash flows and affil. fees), we remain constructive but Neutral on MSG shares, as catalyst potential for further NT price appreciation appears limited by a max 5 remaining Ranger home games and the summertime closure of The Garden. Fwd season Ranger upside from adv./sponsorship/signage/merch. is helpful but smaller relative to already-announced ticket price increases.” Madison Square Garden, Inc. closed on Friday at $36.27.