NEW YORK (TheStreet) -- The Madison Square Garden Co. (MSG) - Get Report received a pair of ratings upgrades this morning, the first from Topeka Capital which upgraded the company to "buy" from "hold" and the second from Morgan Stanley which now has an "overweight," from "equal weight" rating on the stock.

Both firms cited the sports, entertainment, and media business company's recently announced restructuring plan as reasons for the upgrade. Topeka Capital and Morgan Stanley each believe that Madison Square Garden's plan will unlock shareholder value.

On Friday the Madison Square Garden Co. announced its plan to split its business, dividing its New York Rangers, Knicks, and Liberty teams from its regional sports networks.

Shares of the Madison Square Garden Co. closed at $80.73 on Friday afternoon.

Separately, TheStreet Ratings team rates MADISON SQUARE GARDEN CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate MADISON SQUARE GARDEN CO (MSG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Despite its growing revenue, the company underperformed as compared with the industry average of 7.7%. Since the same quarter one year prior, revenues slightly increased by 6.5%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
• 43.31% is the gross profit margin for MADISON SQUARE GARDEN CO which we consider to be strong. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 11.28% trails the industry average.
• MSG has no debt to speak of therefore resulting in a debt-to-equity ratio of zero, which we consider to be a relatively favorable sign. Although the company had a strong debt-to-equity ratio, its quick ratio of 0.85 is somewhat weak and could be cause for future problems.
• Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 41.66% over the past year, a rise that has exceeded that of the S&P 500 Index. We feel that the stock's sharp appreciation over the last year has driven it to a price level which is now somewhat expensive compared to the rest of its industry. The other strengths this company shows, however, justify the higher price levels.
• MADISON SQUARE GARDEN CO's earnings per share improvement from the most recent quarter was slightly positive. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, MADISON SQUARE GARDEN CO reported lower earnings of $1.47 versus $1.82 in the prior year. This year, the market expects an improvement in earnings ($2.93 versus $1.47).
• You can view the full analysis from the report here: MSG Ratings Report