Shares of Madison Square Garden Sports Corp. MSGS, +4.09% charged up 3.7% toward a 7 1/2-month high in afternoon trading Monday, after J.P. Morgan analyst David Karnovsky boosted his price target by 16%. Karnovsky said his new price target of $220, which is up from $190, reflects the new valuation of the company's New York Knicks NBA team published by Forbes two weeks ago of $5.8 billion. That valuation is up 16% from a year ago, and marks the seventh straight year that the Knicks the most valuable NBA team, according to Forbes. He said combined with a $1.65 billion valuation of the New York Rangers, he gets a total private asset value for the company of $7.45 billion, compared with an enterprise value of $4.9 billion, which implies an approximate 35% markdown for public investors. The stock has soared 20.8% over the past three months, while the S&P 500 SPX, +0.18% has gained 4.8%.

Source: Forbes November 01, 2021 21:52 UTC