MSG Sports gains upside as Guggenheim lifts target on potential Knicks Finals game 6 revenue
Madison Square Garden Sports is drawing fresh attention as the New York Knicks return to the NBA Finals for the first time since 1999. A longer championship series against the San Antonio Spurs could materially increase playoff-related revenue and add to a broader valuation case around the company.
Highlights
- Guggenheim raises Madison Square Garden Sports price target to $470 from $422, citing potential $15 million revenue boost if Knicks reach NBA Finals Game 6 at home.
- Brokerage sees MSG Sports fair value at $540 to $570 per share, about 48% above current price, leveraging playoff run and structural catalysts.
- Possible NBA expansion in Las Vegas, Seattle, and Europe could yield $450 million to $700 million for the Knicks, with ongoing exploration of separating Knicks and Rangers into distinct public entities.
Brokerage outlook ties value to finals run
As reported by CNBC, Guggenheim reiterates its buy rating on Madison Square Garden Sports and raises its price target to $470 from $422 ahead of the NBA Finals opener in San Antonio, Texas. The brokerage says its updated model includes nine home Knicks playoff games as a guaranteed minimum, and that if the series reaches Game 6 at Madison Square Garden, the company could add more than $15 million in revenue.The first game tips off at 8:30 p.m. ET on Wednesday at the Frost Bank Center. Guggenheim says the finals matchup is one of several catalysts that could help unlock value in MSG Sports shares, which it argues should trade at $540 to more than $570 per share, implying a premium of about 48% to the current share price.
Expansion and separation add to valuation case
Beyond the finals, Guggenheim says potential NBA expansion in Las Vegas and Seattle could deliver $450 million to $700 million for the Knicks. The firm also highlights expected NBA expansion in Europe as another factor that could support long-term value.Last month, Madison Square Garden Sports Corp. reports fiscal third-quarter revenue of $432.2 million, ahead of the FactSet consensus of $429.7 million. Executive chairman and CEO James L. Dolan says the quarter reflects growth in per-game revenue across key categories driven by strong demand, while the company is also exploring a separation of the Knicks and Rangers businesses into distinct public companies.
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