on Maxim Rating Madison Square Garden , MSG Hits 52-Week High on ;; 2010
NEW YORK (TheStreet) -- Madison Square Garden shares hit a new 52-week high of $23.80 today after Maxim Group initiated coverage on the entertainment company yesterday with a buy rating and a price target of $29.
John Tinker, an analyst with Maxim Group, said that while many investors underestimate the potential of the stock, he is looking past low expectations and focusing on the probability of a recovery in the advertising market and the overall economy. He anticipates a growth in sponsorship revenue as well as an improvement in sports teams' performance.
The Manhattan-based sports arena is currently undergoing renovation, which Tinker says could produce better-than-expected financial numbers. The company expects to spend around $800 million on the construction, which won't be completed until 2013....
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