Deutsche Bank's Bryan Kraft downgraded Liberty Media Group (NASDAQ: LMCA) from Buy to Hold with a price target of $23.00.
"The recent re-constructing into three tracking stocks has resulted in a change in our rating to Hold," said the analyst. The company chose to reorganize into three stocks to "add clarity to the asset valuations within its portfolio [...] set up the Braves for a potential hard spin, and simplify potential negotiations over a combination with SiriusXM," said Bryan.
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The new Liberty Media "is essentially 'what's left over' when isolating SiriusXM and the Atlanta Braves." The new set of holdings under Liberty Media Group does not bode as well with the analyst's valuation.
At the time of writing, Liberty Media Group traded at $19.87, down 1.22 percent on the day.
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