Madison Square Garden Entertainment Corp

The stock remains in a clear Stage 2 uptrend with all key moving averages rising, but the recent blow-off top and extreme overbought readings signal short-term exhaustion. Price is extended well above the 9/21 EMA zone, making immediate entry unfavorable. The medium-term bias stays bullish absent a structural breakdown, so execution should be deferred to a pullback into the rising EMA support area. Primary risks include a rapid reversal from current extremes and failure to correct into support.

• ↑Fair value raised to $86 from $71, reflecting improved outlook.
• ↑Penn Station redevelopment and theater monetization to boost revenue and margins.
• ↓Negative earnings yield raises overvaluation concerns versus growth prospects.