UPDATE: Wunderlich Securities Cuts PT to $117 on Liberty Media Corporation on Macro Equity Moves

Wunderlich Securities reiterated its Buy rating on Liberty Media Corporation LMCA but moderated its price target from $123 to $117. Wunderlich Securities noted, "We are slightly moderating our price target on Buy-rated Liberty Media (LMCA) to $117 from $123 off price movements on public equities and a lower 1400 S&P 500 bogey applied to valuing Starz. We still believe that the hard-spun Liberty Starz could trade above some sum-of-the-parts assessments that are as low as 5.0-5.5x EBITDA target multiples, even if the earlier tracker incarnation generated 9.0x+ target multiples premised on an unrealistic Netflix (NFLXNR) deal. In our view, the crux remains Starz's increasingly appealing original programming pipe, even if 2013 sales growth is slightly stunted by the price rollback prospectively covering 19% of its distribution. A priority is mirroring the breakout success of HBO GO with Starz Play." Liberty Media Corporation closed at $103.39 on Friday.