JP Morgan Raises Price Target on Madison Square Garden to $485

JPMorgan Chase & Co. has raised its price target for Madison Square Garden (NYSE: MSGS) from $450 to $485, indicating a potential upside of 19.63% from the stock's previous close.

The brokerage currently has an 'overweight' rating on the stock and joins other analysts who have increased their targets in recent days.

Susquehanna raised its target price for MSGS to $477 with a positive rating, while Guggenheim lifted its target from $522 to $584 with a buy rating.

Despite these positive revisions, some analysts caution that the Knicks' championship may not justify the company's investment case due to valuation and the risk of sustaining sports-driven gains.