MSGS Stock Eyes Monday After Knicks Clinch NBA Title, Investors Watching Spin-Off
MSG Sports Corp. heads into the week with a championship win and possible valuation moves ahead. The New York Knicks took their first NBA title since 1973 with a 94-90 victory over the San Antonio Spurs on Saturday, Jalen Brunson went for 45 points and took home Finals MVP, Reuters reported. MSGS shares last changed hands at $384.68 on Friday, inside a session that saw a range from $378.14 to $397.00 and left the company with a market cap near $9.30 billion. Monday is the first time investors will be able to price the Knicks championship into shares of MSGS. For MSG Sports, a title doesn’t shift earnings overnight but can move sentiment on ticket prices, sponsorships, merchandise, and what buyers might pay for a trophy asset. The Knicks’ win also gives more weight to MSG Sports’ main strategic play: spinning off the Knicks and Rangers businesses.
