In a report released yesterday, Cameron Mansson-Perrone from Morgan Stanley maintained a Hold rating on Madison Square Garden Entertainment Corp., with a price target of $44.00.
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Cameron Mansson-Perrone has given his Hold rating due to a combination of factors influencing Madison Square Garden Entertainment Corp.’s stock. The analyst maintains a positive outlook on the company’s live entertainment and concert assets, but notes that the stock’s performance is closely tied to concert bookings, which have shown inconsistency compared to the broader industry. While September trends in concert bookings appear promising, the lack of sustained growth and visibility suggests that a significant re-rating of the stock may not be imminent.
Moreover, the current valuation of the stock at approximately 11 times forward EBITDA is in line with historical levels, which reflects the strength of the company’s non-concert portfolio against weaker concert results. The price target of $44 implies that the stock will continue to trade at this multiple, indicating a balanced risk/reward scenario. Consequently, the Hold rating is maintained until there is more consistent performance in concert bookings that could drive a meaningful upside in the stock’s valuation.
Mansson-Perrone covers the Communication Services sector, focusing on stocks such as Live Nation Entertainment, Sirius XM Holdings, and Eventbrite. According to TipRanks, Mansson-Perrone has an average return of 21.5% and a 100.00% success rate on recommended stocks.
In another report released on August 2, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $39.00 price target.