Susquehanna analyst Joseph Stauff initiated coverage of MSG Entertainment (MSGE) with a Positive rating and $39 price target The pure-play venue-based model with a premium portfolio of NYC assets leading with Madison Square Garden, has about 60% of its revenue sourced from consistent sources, the analyst tells investors. However, the stock is down due to the 40% of revenue that comes largely from its concerts, which have been down due to tough comps and has a weaker than expected concert pipeline in the foreseeable future, the analyst added.
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