MSG Sports upgraded to Buy from Neutral at Seaport Research

Seaport Research analyst David Joyce upgraded MSG Sports (MSGS) to Buy from Neutral with a $430 price target Shares have commenced a round of appreciation ahead of the start of the 2025-26 season, but the vast trading discount vs. intrinsic value, at an estimated 57.5% vs. a 10-year average of 72%, needs to be revisited by the market ahead of the potential spin later this summer that separates the Knicks and Rangers into their own standalone companies, the analyst tells investors in a research note. A unique, punitive tax code impact that starts in 2027 could open up the aggregate of the two companies into more tax expense, but the separation could also facilitate a minority shareholder investment, the firm added.