Investors should buy shares of Madison Square Garden Sports amid projections that the New York Knicks basketball team will grow in value, according to Citigroup Global Markets. The bank reiterated a buy rating Thursday on the owner of the Knicks and the National Hockey League’s New York Rangers. Its $285 price target implies about 25% upside from Friday’s close. The bullish opinion on MSG Sports, controlled by the Dolan family, came the same day as Forbes reported that the Knicks are valued at an estimated $9.75 billion , 30% more than the year before and the third most in the NBA after the Golden State Warriors and Los Angeles Lakers. “At prevailing levels, Forbes’ value suggests MSGS is trading at ~58% discount, above the average discount of 44% and just below the maximum discount of 62%,” analyst Steven Sheeckutz wrote in a 16-page report. “We see scope for this discount to attract incremental investors and maintain our Buy rating on MSGS.” The Knicks are 2-0 to start the season and one of the favorites to win the Eastern Conference. The analyst also sees room for Forbes’ NHL franchise valuations – usually unveiled in December – to increase as well. “Since Forbes’ last update, we suspect NHL franchises values may benefit from NHL’s new [collective bargaining agreement] agreement (reducing the risk of any work stoppage) and a new Canadian media rights deal, which saw a healthy 2.1x step-up” in average annual value, he said. Notably, Madison Square Garden Sports shares have seen positive moves in the past three years in response to a boost in third-party valuations. In this case, Forbes’ updated Knicks valuation could push the stock approximately 12% higher in the 30 trading days after Forbes’ latest estimate, Sheeckutz said. MSGS YTD mountain MSGS, year-to-date Though shares have risen roughly 19% in the past six months, they’ve substantially underperformed the broader market year to date, rising only about 1% versus the S & P 500 gain of more than 15%. While Wall Street is pretty split on MSG Sports, with five of nine analysts rating it the equivalent of buy versus four giving it a hold, the consensus 12-month price target of $252 implies some 10% upside potential.
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