UPDATE: ISI Group Reiterates Buy Rating, Raises PT on Liberty Media

In a report published Wednesday, ISI Group reiterated its Buy rating on Liberty Media Corp. (NASDAQ: LMCA), and raised its price target from $123.00 to $135.00.

ISI Group noted, “In a mid-day surprise, Netflix announced that it is gaining first-run Disney releases in the heretofore traditional premium window starting in late 2016 (when the current Starz agreement expires), as well as new direct-to-video releases in 2013. We believe LMCA shares overreacted to the downside and we would be aggressive buyers. Separately, we are increasing our LMCA target to $135 from $123 to reflect our recent Sirius XM PT increase to $3.25 from $3.00 and revised Starz valuation.”

Liberty Media Corp. closed on Tuesday at $105.56.

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