Seaport Research analyst David Joyce upgraded Liberty SiriusXM (LSXMA, LXSMK) to Buy from Neutral with a $32 price target. The stock story is “cleaner now” post the reclassification, which separated out the 30% ownership of Live Nation Entertainment (LYV) into its own tracking stock, the analyst tells investors in a research note. The firm thinks the underlying fundamentals at Sirius XM (SIRI) are improving and that downside is limited for Liberty SiriusXM upgraded shares. Liberty SiriusXM’s valuation discount is “historically wide amid a simpler story,” contends Seaport.
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