Rosenblatt Securities analyst Bernie McTernan reiterated a Hold rating on MSG Networks Inc (MSGN) today and set a price target of $15. The company’s shares closed last Monday at $14.76, close to its 52-week low of $14.46.
McTernan noted:
“We reiterate our neutral rating on shares while reducing our price target to $15 from $23 as we lower our FCF/share estimates by ~20%. Trading at ~6x our CY’20E FCF estimate, relative to ~7.5x before the NBA draft lottery, MSGN shares are cheap relative to where it and media peers have traded historically. However, risks remain with the Altice renewal at YE’19 and accelerating cord cutting. Potential upside to our numbers would likely come from an amicable Altice renewal and a return to significant growth by DTV Now.”
According to TipRanks.com, McTernan is a 2-star analyst with an average return of 1.7% and a 57.1% success rate. McTernan covers the Services sector, focusing on stocks such as Charter Communications, World Wrestling, and Comcast.
The word on The Street in general, suggests a Moderate Sell analyst consensus rating for MSG Networks Inc with a $20.20 average price target.
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The company has a one-year high of $28.13 and a one-year low of $14.46. Currently, MSG Networks Inc has an average volume of 500.1K.
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MSG Networks, Inc. is a holding company, which engages in the sports production, and content development and distribution. It operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. The company was founded on July 29, 2009 and is headquartered in New York, NY.
