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Analyst cuts MSG Networks over valuation, report about sale process

Macquarie analyst Tim Nollen cut MSG Networks Inc.'s rating to "neutral" from "outperform" on valuation and following a report that indicated the company was looking for buyers, TheFly.com reported April 5.

The analyst maintained its $26 price target on the company's shares.

Also, Nollen believes that selling regional sports networks would make sense since securing affiliate fee increases in the future could prove to be challenging as distribution landscape is consolidating and skinnier bundles have gained traction.