Pivotal Research Starts Liberty Media (LMCA) at Buy
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Pivotal Research initiated coverage on Liberty Media (NASDAQ: LMCA) with a Buy rating and a price target of $35, implying upside of 50%. Analyst Jeffrey Wlodarczak sees Formula 1 as an attractive business.
"We are initiating coverage on Liberty Media, soon to be known as Formula One Group (1Q’07), with a BUY rating and a $35 ’17 YE target which represents ~50% upside from current share price levels. In our opinion, Liberty’s acquisition of the Formula 1 racing league [F1], a very rare global sports content play and the #3 most watched global sporting event after the World Cup and the Olympics is a potential home run transaction. We expect Liberty management and former NWS COO/DTV CEO Chase Carey to drive improvements in the core racing product, exploit media/new media revenue opportunities dramatically better than the current owners, and long term attack the U.S. opportunity," said Wlodarczak.
Shares of Liberty Media closed at $24.03 yesterday.
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