Benzinga | Nov 1, 2021 12:49PM EDT

JPMorgan Cuts Madison Square Garden Price Target By 25%

* JPMorgan analyst David Karnovsky lowered the price target on Madison Square Garden Entertainment Corp (NYSE:MSGE) to $79 from $105, implying a 7% upside, and reiterated a Neutral ahead of the company's Q3 results.

* The analyst's updated model excludes contribution from Comcast Corp (NASDAQ:CMCSA), which he estimates is 9% of its FY21 revenue, as it does not currently see a path forward for carriage.

* Madison Square Garden Entertainment offers marquee entertainment content, popular dining and nightlife, and a premier music festival.

* Price Action: MSGE shares traded higher by 4.22% at $73.44 on the last check Monday.