Madison Square Garden (NASDAQ:MSG) is up 1.2% after being assumed at Overweight at JPMorgan with a solid boost to its target.
Analyst David Karnovsky has boosted the firm's target to $245 from $210, expecting rising valuations from the company's trophy assets: New York's Knicks and Rangers sports teams.
Those teams have risen and value and JPMorgan expects them to keep rising over time, with a narrowing discount to private market value.
At a current enterprise value of $3B, shareholders get the real estate, entertainment assets and the Rangers -- and essentially get the Knicks for free, Karnovsky said (no doubt spurring a few jokes about whether free Knicks are wanted).
Karnovksy's $245 target implies 20.7% upside.