Market Overview

Citigroup Reiterates Neutral Rating, $94 PT on Liberty Media

Related LMCA
Early Global News: Mali Radisson Attack, Depomed-Horizon Fallout, EU Cracking Down On Bitcoin
Buy Sirius Through Liberty Media, Says Buckingham

In a report published Wednesday, Citigroup reiterated its Neutral rating and $94.00 price target on Liberty Media (NASDAQ: LMCA).

Citigroup noted, “Last night, Liberty filed a Form 4 indicating two things: 1) On August 10 thru August 14, 2012, Liberty purchased 90 million shares on the open market at $2.45 to $2.52 per share, 2) On June 29, 2012 Liberty entered into a second forward purchase agreement with an unnamed counterparty. The counterparty acquired 41 million shares at an average purchase price of $2.05 per share. (This forward contract expires on October 11, 2012.) If we assume Liberty converts 100% of its preferred shares, upon settlement of the forward contract in October, we estimate Liberty Media's stake in Sirius would increase to 47.4% of diluted shares. However, if we include the dilution associated with Sirius' $550 million 7% exchangeable debt, Liberty's ownership stake would drop to 45.5%.”

Liberty Media closed on Tuesday at $98.95.

Latest Ratings for LMCA

Nov 2015Deutsche BankMaintainsBuy
Aug 2015Deutsche BankUpgradesHoldBuy
Mar 2015Buckingham ResearchUpgradesNeutralBuy

View More Analyst Ratings for LMCA
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Reiteration Analyst Ratings


Related Articles (LMCA)

Get Benzinga's Newsletters