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Citigroup lowers its rating on Liberty Capital
LCAPA to Neutral from Buy and lowered its price target to $86.50 from $95 on limited upside to capital recombination.
According to Citigroup, “The recombination of Liberty Starz and Liberty Capital is smart. It reduces complexity, paves the way for a spin of Sirius and may allow for larger share repurchases at LCAPA. However, upside seems limited even if Sirius stake is spun and Liberty Capital retires substantial shares over next 12-18 month.”
LCAPA closed Monday trading at $75.41 per share, down 3.81 percent.
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