Evercore ISI downgraded Liberty SiriusXM (LSXMA) to In Line from Outperform with a price target of $27, down from $36. The analyst had viewed Liberty SiriusXM as a more representative value of Sirius XM (SIRI) than Sirius itself, given Sirius’s “modest” public float. However, the relative value spread has closed between the two stocks, the analyst tells investors in a research note. The firm believes the shares could remain volatile into the close of the combination.
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Read More on LSXMA:
- Liberty SiriusXM price target lowered to $31.50 from $34 at Deutsche Bank
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- Liberty SiriusXM upgraded to Buy from Neutral at Seaport Research
- Improved Analyst Rating Proves Little Help to Sirius XM (NASDAQ:SIRI)