Ariel Investments has named Madison Square Garden Sports Corp. a top stock to buy, asserting that the company's bid to raise external capital comes at an opportune time after the Knicks' championship. The company is raising capital to fund operations and address tax headwinds. On June 23, Susquehanna reiterated a Positive rating and raised its price target to $430, while earlier on June 2, Guggenheim raised its target to $470 from $422 with a Buy rating, citing expectations of significant revenue from NBA playoff games, including over $9 million in adjusted operating income. A potential spinoff of the Knicks and Rangers, tied to a possible NBA expansion in Las Vegas, could yield between $450 million and $700 million for the Knicks.
Madison Square Garden Sports CorpAriel Investments names it a top stock to buy; analysts raise price targets citing revenue from NBA playoffs and potential spinoff.