Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on MSG Entertainment to $70 from $50 and keeps an Equal Weight rating on the shares as the firm raised estimates following a stronger-than-expected fiscal Q2 from the core entertainment business. The firm’s thesis reflects the continued view that the upcoming planned spin-off of MSG Entertainment’s NY live event assets can unlock value, balanced against the risks associated with elevated financial leverage, a "decaying" Regional Sports Network business and execution risk around the soon to open MSG Sphere.
Published first on TheFly
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