Janco Partners Upgrades Liberty Media to Buy on Restructuring Efforts
Janco Partners raised its rating on Liberty Media to Buy and raised its price target to $130.
Janco Partners commented, "The Company plans on executing the spin-off of Starz LLC by yearend or early in 2013, and is currently awaiting IRS approval. Liberty Media has also been adding to its Sirius XM stake through open markets purchases as the Company continues to wait for a key FCC decision on its efforts to gain control. The result of these restructuring efforts will highlight the inherent value of the Starz businesses while leaving Liberty Media shareholders owning a company with increased simplicity, transparency and flexibility. Due to these pending developments and the ongoing performance of Liberty's underlying investments we are updating our rating on shares of LMCA to $130 and placing a Buy rating the stock."