MSGE - Madison Square Garden Entertainment has 'multi-bagger upside potential' fund manager says

Chris McIntyre, founder and CIO of McIntyre Partnerships, disclosed in a letter to investors that the fund has opened a position in Madison Square Garden Entertainment (NYSE:MSGE). "If the company successfully executes, I value shares over $300. At a current price of ~$70, I believe MSGE is an exceptional risk reward," McIntyre said in a fund letter released this month. McIntyre pointed to MSGE's "solid downside asset protection, given that the firm hold's Manhattan's Madison Square Garden arena and other valuable real estate. The fund manager estimated that the MSG arena alone was worth about $2B, giving MSGE "at least" $55 per share of value. In addition, McIntyre underlined MSGE's upside prospects, saying the MSG Sphere in Las Vegas and a turnaround of the MSG Networks create "multi-bagger upside potential." MSGE rallied to a 52-week high of $121.42 in March, but pulled back from there. Shares eventually touched a 52-week low

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Madison Square Garden Entertainment has 'multi-bagger upside potential,' fund manager says