Maxim Group Maintains a 'Buy' on Liberty Media (LMCA); Raising PT on SIRI Holdings

Maxim Group maintains a 'Buy' on Liberty Media (NASDAQ: LMCA) price target raised from $106 to $138.

Analyst, John Tinker, said, "We are raising our LMCA price target to $138 based mostly on our forecast SIRI XM Radio, Inc. (Nasdaq: SIRI)(Buy, $3.20 PT) stock price of $3.20; Using our SIRI target price enables investors to gauge the upside of both stocks and assess their respective weighting. SIRI is the “pure play”, which is estimated to cumulatively generate $3B in free cash over the next 3 years; LMCA owns 40% (with the option to own 45.2%) of SIRI and is a more complicated indirect play, holding a portfolio of public and private media assets. Previously, we had valued LMCA using the Market stock price of SIRI at $2.10/share in our last note dated February 24, 2012 resulting in a $106/share valuation."

For an analyst ratings summary and ratings history on Liberty Media click here. For more ratings news on Liberty Media click here.

Shares of Liberty Media closed at $84.05 yesterday.

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