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 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.