MSG Entertainment price target lowered to $41 from $44 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on MSG Entertainment (MSGE) to $41 from $44 and keeps an Equal Weight rating on the shares. In the media and entertainment group, the firm anticipates another strong year of advertising growth in the U.S. and forecasts year-over-year total U.S. advertising up 6%-plus, or 8%-plus excluding political and Olympic spending. The firm also continues to believe the box office has another two years of growth ahead of it as film supply normalizes back to pre-pandemic levels, the analyst added in a year-ahead outlook note for the group.