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Madison Square Garden Can Win From M&A And Buybacks

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Madison Square Garden Can Win From M&A And Buybacks
  • The share price of The Madison Square Garden Co. (NYSE: MSG) have increased more than 2 percent in the past one month.
  • Stifel’s Benjamin E. Mogil has upgraded the rating on the company from Hold to Buy, with a price target of $190.
  • The upgrade follows the spin-off of Madison Square Garden Networks (MSGN).

Analyst Benjamin Mogil believes that the company has “a strong collection of assets with high IP value, supported by an M&A war-chest with the backdrop of a sizable buyback cushion,” which Madison Square Garden would “actively” utilize at the current price levels.

Mogil also believes that “as the television delivery eco-system evolves, actual content IP ownership will continue to have multiple distribution options.”

Most of the company’s M&A focus is expected to be in the Entertainment business, although Mogil does not expect Madison Square Garden to be very active in terms of share buybacks.

Latest Ratings for MSG

DateFirmActionFromTo
Apr 2020Morgan StanleyMaintainsEqual-Weight
Apr 2020Imperial CapitalMaintainsOutperform
Mar 2020Imperial CapitalMaintainsOutperform

View More Analyst Ratings for MSG
View the Latest Analyst Ratings

 

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