Bank of America thinks Madison Square Garden is one of the best plays in the live entertainment sector, and investors need to capitalize on it. The firm initiated the stock on Tuesday with a buy rating, accompanied by a $41 per share price target. The firm’s forecast calls for 32% upside from Monday’s $30.99 close. Analyst Peter Henderson lauded the storied venue’s dominant market position and physical location in the heart of New York City as a key reason for MSGE stock to benefit from the “boom in live music/entertainment events.” “Post its spinoff from Sphere, we view MSGE—owner of iconic venues including Madison Square Garden and The Chicago Theatre—as an attractive opportunity to own a growth-oriented, pure-play live entertainment company,” Henderson said. Madison Square Garden stock has slipped nearly 19% in the past three months alone, according to FactSet. MSGE YTD mountain Madison Square Garden Entertainment in 2023. — CNBC’s Michael Bloom contributed to this report.
