Liberty Sirius XM price target lowered to $32 from $41 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Liberty Sirius XM (LSXMK) to $32 from $41 and keeps an Equal Weight rating on the shares. The firm’s downgrade of Sirius XM (SIRI) made last April had been based on SiriusXM’s relatively high exposure to rising cyclical headwinds and while those cyclical headwinds look largely priced in today, the firm sees new risks emerging that go "beyond the cycle," the analyst tells investors. The firm updated its price target for LSXMK, assuming Sirius XM is valued at its revised price target of $4.40, which is down from $5.40. The firm sees "fairly balanced risk/reward" for Liberty SiriusXM given the NAV discount and valuation at Sirius XM, combined with continued steps towards rationalization, while it keeps an Underweight rating on Sirius XM shares.