Macquarie Upgrades Liberty SiriusXM (LSXMA) to Outperform
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Macquarie upgraded Liberty SiriusXM (NASDAQ: LSXMA) from Neutral to Outperform with a price target of $41.00.
Analyst Amy Yong commented, "The velocity of buybacks has been too great for LSXMA to keep up...until now. As we drink from our new Liberty Camelbak, we can’t help but think that the motivation is higher than ever to close the ever-persisting ~20% discount. We are updating our NAV and value LSXMA at US$41/sh.
If you are bullish on SIRI, buy this one on sale as its ~65.5% stake in Sirius XM is worth ~US$14bn alone. Assigning a 5% discount and inputting our US$4.85 SIRI target would take our NAV to US$46.
Over the next 12 months, we see additional dividend increases, buybacks, and M&A as opportunities to build a one-stop shop for all things music and work to narrow the gap."
Shares of Liberty SiriusXM closed at $34.60 yesterday.
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