Wolfe Research lowered the firm’s price target on MSG Sports (MSGS) to $268 from $270 and keeps an Outperform rating on the shares. The Knicks and Rangers trade at a 60% discount to the firm’s combined private market value estimate, supported by record valuations in the recent sales of the Knicks’ closest comparables in the Celtics and Lakers, the analyst tells investors in a research note. The firm added that the stock fell 4.6% on a modest offseason miss, driven by lower league distributions.
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