Macquarie Upgrades Liberty SiriusXM (LSXMA) to Outperform
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JPMorgan Raises Rating on CBOE Holdings (CBOE) to 'Overweight'; Analyst Thinks Bats Technology Will Drive Greater Trading Activity
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Dougherty & Co Starts Quality Systems (QSII) at Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!