Citi opens ’30-day positive catalyst watch’ on Liberty SiriusXM

Citi opened a “30-day positive catalyst watch” on shares of Liberty SiriusXM. On July 17, Liberty Media shareholders will vote on the company’s proposal to split-off the Atlanta Braves and reclassify Liberty Media’s existing common stock into three tracking stocks, the analyst tells investors in a research note. As a result of the reclassification, Liberty SiriusXM shares will be split into one new Liberty SiriusXM common stock share and 0.25 shares of the corresponding new Liberty Live common stock, says Citi. The firm ultimately expects investors to vote in favor of the proposal, “which would pave the way for a more simplified” Liberty SiriusXM. It believes a simplified structure will result in a narrowing of Liberty SiriusXM’s net asset value discount, resulting in upside to shares from current levels.