Madison Square Garden Entertainment Corp: Ready, Steady, Go

Research evidence excerpt

Madison Square Garden Entertainment Corp: Ready, Steady, Go

Idea

June 23, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMMadison Square Garden Entertainment Corp Cameron Mansson-Perrone

| North America Equity Analyst

Cameron.Mansson-Perrone@morganstanley.com +1 212 761-7079

Sean Diffley, CFA

Equity AnalystReady, Steady, Go Sean.DIFFLEY@morganstanley.com +1 212 761-5868

What’s Changed Madison Square Garden Entertainment Corp (MSGE.N,

Madison Square Garden Entertainment Corp (MSGE.N) From To MSGE US)

Price Target $70.00 $80.00

Media & Entertainment | United States of America

Stock Rating Equal-weight

Growth at MSGE has exceeded our expectations in FY26, led by Industry View In-Line

a concert recovery and the Christmas Spectacular. We see HSD PriceShr price,targetclose (Jun 22, 2026) $80.00$75.32

% AOI growth through FY29E as appropriately captured in Mkt cap, curr (mm) $7,224 52-Week Range $75.55-35.31

current valuation, adjusting for estimated Theater proceeds. Roll Fiscal Year Ending 06/25 06/26e 06/27e 06/28e

PT to mid-CY27, see balanced risk/reward and remain EW. EPS ($)** 0.77 1.36 2.27 2.59

Prior EPS ($)** - 1.17 2.05 2.46

P/E 77.5 80.1 66.3 58.1

Key Takeaways EPS ($)§ 0.93 1.21 2.28 2.61

Div yld (%) 0.0 0.0 0.0 0.0

We maintain our constructive view toward growth in concerts and live

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

entertainment and see EW MSGE shares as well positioned to benefit. framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

This expectation appears appropriately reflected both in consensus estimates and e = Morgan Stanley Research estimates

current valuation, however, driving a balanced risk/reward that leaves us EW. Quarterly EPS ($)

2026e 2026e 2027e 2027e