Deutsche Bank Downgrades Liberty SiriusXM (LSXMA) to Hold
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Deutsche Bank downgraded Liberty SiriusXM (NASDAQ: LSXMA) from Buy to Hold with a price target of $39.00 (from $37.00). Analyst Bryan Kraft sees less upside.
"SIRI shares have rallied nearly 10% since the end of October, and now trade above our $4.50 PT. We continue to believe that the LSXMA NAV discount, currently at 15%, should ultimately go to zero through an eventual combination. However, the timing is unclear and we think that Liberty is likely to share some of the upside from the NAV discount closing with the public SIRI shareholders should there be an opportunity to fully combine the ownership structure. Our LSXMA PT of $39 implies about 10% potential upside," said Kraft.
Shares of Liberty SiriusXM closed at $36.02 yesterday.
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