MSG Knickerbockers (NYSE:MSGK) Stock Price Target Cut by Morgan Stanley

MSG Knickerbockers (NYSE:MSGK) had its price objective dropped by investment analysts at Morgan Stanley from $450.00 to $375.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley‘s price target suggests a potential upside of 19.13% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Guggenheim cut their price target on MSG Knickerbockers from $584.00 to $445.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Zacks Research lowered MSG Knickerbockers from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 27th. Weiss Ratings began coverage on MSG Knickerbockers in a research note on Wednesday, October 28th. They set a “hold (c)” rating on the stock. Finally, Wolfe Research upgraded MSG Knickerbockers from a “peer perform” rating to an “outperform” rating in a research report on Wednesday, November 4th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $410.00.

MSG Knickerbockers Price Performance

Shares of MSGK traded down $3.86 during mid-day trading on Tuesday, reaching $314.78. 34,001 shares of the company’s stock were exchanged, compared to its average volume of 262,955. MSG Knickerbockers has a 52-week low of $210.90 and a 52-week high of $438.93. The stock has a market cap of $7.58 billion, a price-to-earnings ratio of -507.65 and a beta of 0.63.

MSG Knickerbockers (NYSE:MSGK) last posted its earnings results on Friday, November 6th. The company reported ($1.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.11). The company had revenue of $45.49 million during the quarter, compared to analysts’ expectations of $39.78 million. MSG Knickerbockers had a net margin of 0.67% and a negative return on equity of 3.47%. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. On average, equities analysts expect that MSG Knickerbockers will post -1.13 earnings per share for the current fiscal year.

About MSG Knickerbockers

MSG Knickerbockers, Inc. is the corporate entity associated with the New York Knicks, the National Basketball Association (NBA) franchise based at Madison Square Garden in New York City. The organization’s primary activities include operating and managing the professional basketball team, organizing games and related events, and developing commercial opportunities connected with the Knicks brand. The Knicks generate business through ticket sales, premium seating, sponsorships, media and broadcasting arrangements, merchandising, licensing, and other fan-focused products and services.