UPDATE: Morgan Stanley Downgrades Liberty Media Corp to Hold on Limited Upside

Morgan Stanley cut its rating on Liberty Media Corp

from Overweight to Equal-weight and suspended its previous price target of $104. Morgan Stanley commented, "LMCA is up 28% YTD, benefiting from appreciation in its core underlying holding SIRI (+36% YTD) and a narrowing of the discount to its pre-tax NAV. With SIRI near our PT and an RMT spin of Liberty's SIRI holding – the underpinning of our OW thesis – likely further out than expected, we move to EW." Liberty Media Corp closed at $100.40 on Friday.