UPDATE: Wunderlich Securities Downgrades Liberty Media to Hold Following Disney-Netflix Deal

Wunderlich Securities cut its rating on Liberty Media LMCA from Buy to Hold and reduced its price target from $117 to $110. Wunderlich Securities commented, "If Starz executes well on what could now be accelerated original programming development, LT value should be enhanced for MSOs favoring original content, but the transition is tricky. There is enough lead time that lower movie costs off reduced output can be redirected to original series, but expenditures may have to be accelerated from plan to ensure that more series are working by 2017. Sony Pictures could now be in the catbird's seat with interest from Netflix as well as possibly EPIX, Amazon Instant Video, etc." Liberty Media closed at $105.56 on Tuesday.