Pivotal Research says Liberty Sirius XM (LSXMK) remains the most attractive risk/reward name in the firm’s coverage. The firm sees 50% upside from current levels even Sirius XM (SIRI) trades flat until the close of the announced deal. Liberty Sirius XM’s effectively only asset is its stake in Sirius XM and post the announced all stock deal close, expected in July, former Liberty Sirius shareholders will own 81% of Sirius XM shares, the analyst tells investors in a research note. Therefore by July either Liberty Sirius XM shares have to trade significantly higher and/or Sirius XM shares have to trade materially lower, contends Pivotal Research. The firm believes its year-end 2024 target valuation for Sirius XM is reasonable, implying “quite significant upside from current levels” in Liberty Sirius XM shares.
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