Photo: Dashiell Bennett
In a note to investors this morning, Bank of America/Merrill Lynch gave a Buy rating to Madison Square Garden, Inc. as they increased the company’s earnings projections for the rest of this year.The bank has set a price target of $31.00 (it’s currently trading at $29.00) and raised its earnings estimate from the upcoming quarters.
The biggest reason for their excitement is increased rental revenue at the arena, the strong showing of the Radio City Christmas Spectacular, and improved ratings for the MSG television network.
Oh, and that whole Carmelo thing. The farther the Knicks go in the playoffs, the more home games the arena holds, and the more money the company can make this summer. (Just don’t ask about the lockout yet.)
Here’s how they’ve done this month. The team traded for Carmelo Anthony on the 21st.
Photo: Yahoo Finance
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