MSG Entertainment initiated with a Buy at BTIG

BTIG initiated coverage of MSG Entertainment (MSGE) with a Buy rating and $70 price target The firm is positive on the company’s position “at the crosshairs” of the live entertainment secular tailwind with premium assets in New York City and a globally recognized brand. BTIG adds that MSG is one of the cheapest in live entertainment at about 12x FY27 EBITDA with high incremental margins offering a 6%-7% FCF yield and 15%-16% free cash flow margin while exhibiting positive upside revision risk with a rich catalyst and event path the next 12-18 months, the analyst tells investors in a research note.