The New York City-based sports and entertainment company could be disadvantaged by its reliance on the pay-TV bundle, the firm said.
MSG receives about 80% of its revenue from affiliate distribution, which could be affected by TV subscriber losses.
The company will still see strong cash flow due to its "attractive business model" of monetizing live sports, according to Pacific Crest.
"However, we see limited upside to our estimates and believe that strong performance is largely priced into the shares," the firm added.
MSG stock closed up by 0.24% to $16.78 on Monday.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C+. The company's strengths can be seen in multiple areas, such as its revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: MSGN