JPMorgan boosts Madison Square Garden on team valuations

|About: The Madison Square Garden ... (MSG)|By:, SA News Editor

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.