MSGE - Madison Square Garden Entertainment rises as JP Morgan calls stock a bargain

Madison Square Garden Entertainment Corp. (MSGE +4.2%) shares leap as J.P. Morgan increases its price target on the stock to $220 from $190, citing a Forbes article that values the New York Knicks at $5.8B, 9% higher than last year. Forbes has ranked the New York Knicks as the NBA's most valuable team for the seventh year in a row. Analyst David Karnovsky maintains his Overweight rating on the stock. He calculates a total private asset value of $7.45B, while the market valued the stock at an enterprise value of $4.9B before trading opened, a discount of 35%. Seeking Alpha contributor Pinxter Analytics agrees with the assessment, calling current valuations "laughable."

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Madison Square Garden Entertainment rises as JP Morgan calls stock a bargain