UPDATE: Miller Tabak Reiterates Neutral Rating, Raises PT for Madison Square Garden

In a report published earlier today, Miller Tabak + Co., LLC reiterated its Neutral rating for Madison Square Garden, Inc. (NASDAQ: MSG) and raised its price target from $37.00 to $40.00.

Miller Tabak said it made its decisions “to reflect the F3Q12 outperformance on revenue ($400.5 mm (+21%)), OCF ($80.2 mm (46%, 20.0% margin)), and Net Income ($31 mm or $0.40/sh). In addition, we are increasing our MSG Media and MSG Sports divisional revenue and AOCF estimates in F4Q12 and 2013 due to better NHL Rangers and NBA Knicks playoff performance that is translating into higher viewership and advertising at Media, and attendance and ancillary revenue at Sports divisions. Each home playoff game equates to approximately $1.8 mm of incremental revenue and $1 mm of AOCF.”

Madison Square Garden, Inc. closed yesterday at $38.36.