Madison Square Garden Entertainment

MSGE · NYSE

$80.68+$3.14 (+4.05%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $77.54

MSGE analyst rating

HoldConsensus of 10 analysts over the last 12 months. 40% rate it a buy.

Strong buy0
Buy4
Hold6
Underperform0
Sell0

12-month price target · 11 analysts

Average $95.10 (+17.9% upside)

Low: $80.80
Now: $80.68
High: $108.15

Upgrades and downgrades

The latest rating actions, newest first

MSGE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Aug 20, 2026	Initiates	Neutral	$86.00	44%
B of A Securities	Aug 14, 2026	Maintains	Buy	$80.00 → $96.00	63%
JP Morgan	Aug 13, 2026	Maintains	Neutral	$75.00 → $83.00	69%
Guggenheim	Aug 13, 2026	Maintains	Buy	$82.00 → $103.00	45%
Susquehanna	Aug 13, 2026	Maintains	Positive	$80.00 → $103.00	50%
BTIG	Aug 13, 2026	Maintains	Buy	$86.00 → $100.00	39%
JP Morgan	Jul 21, 2026	Maintains	Neutral	$67.00 → $75.00	69%
Goldman Sachs	Jul 9, 2026	Downgrade	Buy → Neutral	$72.00 → $82.00	58%
Seaport Global	Jun 29, 2026	Downgrade	Buy → Neutral	—	63%
Morgan Stanley	Jun 23, 2026	Maintains	Equal-Weight	$70.00 → $80.00	61%

The case for and against

Updated Oct 14, 2026

Bull case

Madison Square Garden is well positioned because it controls premium, high-barrier venues in New York and Chicago that benefit from secular demand for live entertainment, which has grown at about a 7% CAGR since 2019 and remains above pre-COVID levels. The business also has meaningful recurring visibility from long-term Knicks and Rangers license agreements through 2055, while its Christmas Spectacular contributes roughly 18% of revenue and should benefit from 230 planned shows in Holiday Season 2026, up about 7% year over year. Near-term fundamentals look strong as FY2026 revenue reached about $1.06B, EBITDA about $262M with a 24.7% margin, and a packed 2H26 slate led by Harry Styles could generate over $100M in gross ticket revenue and support operating leverage.

Bear case

Madison Square Garden is viewed negatively because its core venues face low attendance and weaker event demand, which दबresses venue revenue and contribution margins while elevated SG&A on a smaller revenue base limits operating leverage and can drive AOI below expectations. The thesis is further pressured by broad discretionary sensitivity, including exposure to economic downturns, inflation, reduced NYC tourism, and slower recovery in accommodation spending, which was about $18B in 2024 versus roughly $19B pre-COVID. In addition, repeated scrutiny of the NYC real estate tax exemption, dependence on affiliated entities through Arena License Agreements through 2055, and governance concerns create structural risk that could compress margins and multiples.

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