Morgan Stanley analyst Benjamin Swinburne upgraded MSG Entertainment to Equal Weight from Underweight with a $50 price target. The analyst cites the stock’s recent underperformance and the upcoming proposed spin of MSG’s New York live entertainment business for the upgrade. Increased visibility into the earnings power of both the New York venues and Sphere over the next year will benefit the shares, Swinburne tells investors in a research note. However, the analyst believes MSG Entertainment’s financial leverage is still high.
Published first on TheFly
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