Evercore ISI analyst Vijay Jayant raised the firm’s price target on Liberty SiriusXM (LSXMA) to $36 from $31 and keeps an Outperform rating on the shares. The firm is raising its target to reflect its new $4.25 price target for Sirius XM (SIRI) and the 8.4x exchange ratio of LSXM to “New SIRI” in the LSXM-SIRI merger that is expected to close in mid-2024. The firm, which is expecting 2024 to be a “transitional year” for Sirius XM, but sees the fundamental story as set to improve in 2025, keeps an Underperform rating on the shares and lowered its target to $4.25 from $4.50.
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