JPMorgan Raises Madison Square Garden Entertainment Price Target to $47

Investment firm JPMorgan Chase & Co. has raised its price target for Madison Square Garden Entertainment (NYSE: MSGE) from $41.00 to $47.00, as detailed in a research report released on October 19, 2023. The firm maintains a neutral rating on the stock, reflecting cautious optimism about the company’s performance.

Other analysts have recently assessed Madison Square Garden Entertainment. On the same day as JPMorgan’s update, Wall Street Zen downgraded the company from a “hold” to a “sell” rating. Conversely, The Goldman Sachs Group increased its target price from $42.00 to $52.00, assigning a “buy” rating in a report published on October 1, 2023. Additionally, Morgan Stanley raised its target from $41.00 to $44.00, while reiterating an “equal weight” rating on August 12, 2023. Overall, four analysts have rated the stock as a buy, while three others have given it a hold rating. According to MarketBeat, the consensus target price for Madison Square Garden Entertainment now stands at $45.50.

Recent Financial Performance and Projections

Madison Square Garden Entertainment released its quarterly earnings report on November 6, 2023, revealing an earnings per share (EPS) of ($0.46). This result surpassed analysts’ expectations, which had estimated an EPS of ($0.59). The company reported revenue of $158.26 million, exceeding the forecast of $156.62 million. Notably, the company’s revenue increased by 14.1% compared to the same quarter the previous year, when it reported an EPS of ($0.40). Analysts project that Madison Square Garden Entertainment will achieve an EPS of 1.04 for the current fiscal year.

Institutional Investment Activity

The stock’s performance has attracted attention from various institutional investors. CWM LLC significantly increased its holdings in Madison Square Garden Entertainment by 623.8% during the second quarter, now owning 1,035 shares valued at approximately $41,000. Cullen Frost Bankers Inc. also boosted its investment by 163.0%, acquiring an additional 673 shares, bringing its total to 1,086 shares worth around $43,000. Other firms, including BI Asset Management Fondsmaeglerselskab A S and the State of Alaska Department of Revenue, have also taken positions in the company recently.

Currently, institutional investors hold a substantial 96.86% of Madison Square Garden Entertainment’s stock, underscoring the company’s attractiveness to larger investment entities.

Founded in 1879 and headquartered in New York, NY, Madison Square Garden Entertainment operates a portfolio of renowned venues, including Madison Square Garden, Radio City Music Hall, and the Beacon Theatre. As the company navigates its financial landscape, the ongoing assessments by investment analysts will be crucial in shaping investor sentiment and guiding future market performance.