Published On: Wed, Sep 14th, 2016

Research Analysts’ Recent Ratings Updates for Liberty Media Corp. (LMCA)

A number of firms have modified their ratings and price targets on shares of Liberty Media Corp. (NASDAQ: LMCA) recently:

9/13/2016 – Liberty Media Corp. is now covered by analysts at Pivotal Research. They set a “buy” rating and a $35.00 price target on the stock.
9/13/2016 – Liberty Media Corp. was upgraded by analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating. They now have a $32.00 price target on the stock, up previously from $22.00. They wrote, “transformative” — meaning the equity would shift from NAV-based to an equity return story.Related Link: Bob Peck Sees A Series Of Catalysts For Pandora, Upgrades Rating To BuyLower ValuationIn a research note to clients, the analyst said, “A few years ago, press reports suggested an F1 IPO would value the firm at $12 billion EV. At $12 billion EV, we previously described Formula One as a ‘trophy asset.’ But, Liberty acquired the asset for just ~$8 billion EV. We suspect lower valuation based on erosion in F1’s financial performance due to more F1 revenues flowing to the racing teams (versus F1 equity holders). But, the lower price tag reflects these new economics.”However, the brokerage thinks there could be volatility in the team composition, pointing out that several teams would lose money. However, the analysts are not too concerned over that, saying, “[W]e don’t find the volatility troubling because for over 66 years, new entrants have always been willing to enter the fray.”
9/8/2016 – Liberty Media Corp. had its “buy” rating reaffirmed by analysts at FBR & Co. They now have a $25.00 price target on the stock. They wrote, “Liberty’s new foray into Formula One racing obviously changes the focus for this tracking stock. At this point, we are so new to the sport that we somewhat suspend judgment on the merits of the high headline multiple, which is probably justified by an advantaged tax rate, long-term locked-in revenues and margins, participation in the escalating spiral of TV sports rights fees, and trophy property positioning.””
8/24/2016 – Liberty Media Corp. had its price target raised by analysts at Citigroup Inc. from $21.00 to $22.00. They now have a “neutral” rating on the stock.
8/24/2016 – Liberty Media Corp. was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Liberty Media is focused on its subscription-based businesses. The company’s diversified investments in cable MSOs, satellite radio broadcasters and live concert operators should enhance its long-term growth prospects add revenues going forward. The company holds a majority stake in satellite radio broadcaster, SIRIUS XM Radio, 27% in Live Nation Entertainment, the largest concert promoter and ticketing company in the U.S., and 27.3% in Charter Communications. However, stiff competition from pay-TV operators, high dependence on economically vulnerable subscription-based services, saturated multi-channel video market in U.S., susceptibility to rapid technological changes and a highly leveraged balance sheet are dampeners.”
8/23/2016 – Liberty Media Corp. was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $24.00 price target on the stock. According to Zacks, “Liberty Media reported mixed financial results in the second quarter of 2016 wherein the company’s bottom line surpassed the Zacks Consensus Estimate but the top line fell below the mark. Liberty Media is focused on its subscription-based businesses. The company’s diversified investments in cable MSOs, satellite radio broadcasters and live concert operators should enhance its long-term growth prospects add revenues going forward. The company holds a majority stake in satellite radio broadcaster, SIRIUS XM Radio, 27% in Live Nation Entertainment, the largest concert promoter and ticketing company in the U.S., and 27.3% in Charter Communications. However, stiff competition from pay-TV operators, high dependence on economically vulnerable subscription-based services, saturated multi-channel video market in U.S., susceptibility to rapid technological changes and a highly leveraged balance sheet are dampeners.”
7/29/2016 – Liberty Media Corp. had its price target raised by analysts at Wunderlich from $22.50 to $25.50. They now have a “buy” rating on the stock.

Shares of Liberty Media Corp. (NASDAQ:LMCA) traded down 1.11% during trading on Wednesday, hitting $27.52. 1,779,003 shares of the company traded hands. Liberty Media Corp. has a one year low of $17.72 and a one year high of $29.65. The firm has a 50 day moving average price of $22.07 and a 200-day moving average price of $21.80.

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In other Liberty Media Corp. news, Chairman John C. Malone sold 191,115 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $32.39, for a total transaction of $6,190,214.85. Following the transaction, the chairman now owns 16,164,220 shares of the company’s stock, valued at approximately $523,559,085.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman John C. Malone sold 121,100 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $33.09, for a total transaction of $4,007,199.00. The disclosure for this sale can be found here. Company insiders own 13.10% of the company’s stock.
Liberty Media Corporation (Liberty) owns interests in subsidiaries and other companies, which are engaged in the media and entertainment industries. Through its subsidiaries and affiliates, the Company principally operates in North America. Its principal businesses and assets include its consolidated subsidiaries Sirius XM Holdings Inc (SIRIUS XM) and the Braves Holdings, LLC (Braves Holdings), and its equity affiliate Live Nation Entertainment, Inc (Live Nation).

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