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Starz Message Board

  • ezalldee ezalldee Aug 8, 2012 8:23 PM Flag

    Lazard Capital Markets analyst Barton Crockett

    Lazard Capital Markets analyst Barton Crockett writes that Sirius and Liberty could both benefit if Sirius buys back Liberty’s stake in the company.

    “Liberty Media CEO Greg Maffei, on the company’s 2Q12 earnings call mid-morning, said he expects Liberty to keep its Sirius position long enough for Sirius to use its billions of dollars of capacity for a massive stock buy back, including buying back the $900 million of Sirius common that Liberty has purchased since May, presumably at a profit to Liberty. We see this as very positive for both Liberty and Sirius, as Liberty, we believe, sees what we do, that repurchase could drive Sirius’ equity value well above our $2.85 price target, which does not factor in repo. Sirius’ move this morning to issue debt to help refinance its 13% notes due in Aug. could start the process.”

    Sirius shares are up 5.2%.

 
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