UPDATE: Wunderlich Securities Raises PT to $117 on Liberty Media Corporation

Wunderlich Securities reiterated its Buy rating on Liberty Media Corporation

and raised its price target from $98 to $117 following a SEC filing indicating intention to acquire majority ownership of Sirius XM Radio

. Wunderlich Securities said, "In a Friday FCC filing, Buy-rated Liberty Media Corporation (LMCA) asked the U.S. government to approve an increase in its Sirius XM Radio (SIRI-Hold, $2.56) ownership to above 50% along with requisite license transfers. Liberty, now at 48.1% ownership upon forward execution (see Fig. 21 in Sirius XM model) indicated that it is on the cusp of purchasing sufficient Sirius XM shares to have de jure rather than just de facto control upon preferred conversion within 60 days of FCC consent. Sirius XM also indicated in an FCC filing that it would cooperate fully with the FCC in its takeover review. We now emphasize a new $117 2013 price target ($130 NAV) inclusive of a $2.50 Sirius XM target." Liberty Media Corporation closed at $101.63 on Friday.