Citigroup raised its rating on Liberty Media Corporation LMCA from Neutral to Buy and raised its price target from $94 to $121 as the company moves toward taking control of Sirius XM Radio SIRI.
Citigroup commented, "Over the past few months, Liberty has spent $1.4 billion in cash to increase its stake in Sirius from 40% to 49.6%. We expect Liberty to cross the 50% threshold later this year. … Based upon our $3 target for Sirius, current values for other public equity stakes and adjusting for other items (e.g. potential Vivendi jury award), we arrive at our $121 target price for Liberty Media. Given solid upside from current levels, we are upgrading Liberty Media from Neutral to Buy."
Liberty Media Corporation closed at $104.77 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in