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Morgan Stanley downgrades Madison Square Garden

Morgan Stanley analyst Benjamin Swinburne downgraded his rating on Madison Square Garden Co. shares to "equal-weight" from "overweight," Benzinga reported Dec. 5.

The analyst reportedly noted that the 50% plus NAV discount at which Madison Square Garden shares were trading has narrowed, with the investment thesis possibly shifting from strategic optionality to venue expansion.

Swinburne has a $245 price target on the company's stock.