UPDATE: Citigroup Upgrades Liberty Media Corporation to Buy; Moving to Control Sirius XM Radio

Citigroup raised its rating on Liberty Media Corporation

from Neutral to Buy and raised its price target from $94 to $121 as the company moves toward taking control of Sirius XM Radio

. Citigroup commented, "Over the past few months, Liberty has spent $1.4 billion in cash to increase its stake in Sirius from 40% to 49.6%. We expect Liberty to cross the 50% threshold later this year. … Based upon our $3 target for Sirius, current values for other public equity stakes and adjusting for other items (e.g. potential Vivendi jury award), we arrive at our $121 target price for Liberty Media. Given solid upside from current levels, we are upgrading Liberty Media from Neutral to Buy." Liberty Media Corporation closed at $104.77 on Monday.