UPDATE: Wunderlich Securities Raises Target to $98 on Liberty Media Corporation
Wunderlich Securities raises its price target $5 to $98 on Buy-rated Liberty Media Corporation (NASDAQ: LMCA) as the company weighs ownership of SiriusXM Radio.
Wunderlich Securities notes, "We do not expect Buy-rated Liberty Media (LMCA) to move toward 80% ownership of SiriusXM Radio (SIRI-$2.26, Hold) given the dubious trade-off between paying a premium and some potential tax issues just to accelerate the burn of the $7.8B vicinity in NOLs through their use at Starz. Gradually moving to 51%, possibly through forward purchase agreements that do not have to be disclosed until execution, and/or eventual repurchase activity at SIRI itself conversely makes eminent sense."
LMCA closed at $88.05 a share on Monday.
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