MSG Entertainment initiated with a Neutral at JPMorgan

JPMorgan analyst David Karnovsky initiated coverage of MSG Entertainment with a Neutral rating and $38 price target. Following a spin-out from Sphere Entertainment, MSG Entertainment offers investors a collection of live entertainment venues and productions, the analyst tells investors in a research note. The firm expects the company to benefit from structural tailwinds across the concerts industry, but says these opportunities come with execution risk. In addition, a lack of clean operating history for the company further limits confidence in forecasting revenue growth, contends JPMorgan.