UPDATE: Liberty Media Downgraded by Citigroup on Sirius Public Share Offer
In a report published Monday, Citigroup analyst Jason Bazinet downgraded Liberty Media (NASDAQ: LMCA) from Buy to Neutral, adjusting price target from $190 to $160.
The downgrade is based on the new price targets for Time Warner Cable (NYSE: TWC) and Sirius (NASDAQ: SIRI). Time Warner price target was raised from $129 to $153 while Sirius price target moved down to $4.15 from $5.
Citigroup noted, “Previously, we used our $5 price target on Sirius and $152 price target on Charter to arrive at our $190 price target on Liberty Media. With this transaction, Sirius is unlikely to approach $5. As such, we are lowering our price target on Liberty Media to $160 and downgrading to Neutral.”
Liberty Media closed Friday at $145.33 and is currently trading down 2.86% at $141.44.
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