MSG Entertainment downgraded to Hold from Buy at Jefferies

Jefferies analyst David Katz downgraded MSG Entertainment to Hold from Buy with a price target of $49, down from $100. The real estate "trophy value" for MSG Entertainment "becomes obfuscated" by the pending alignment in the proposed spin off, Katz tells investors in a research note. The analyst says his positive view that the key assets of MSG, RCMH and the Sphere would mover higher over time in an inflationary environment "becomes complicated by the structure and timing, which impede catalysts to move the stock higher."