Liberty Media downgraded to Neutral from Buy at Citigroup Citigroup downgraded Liberty Media (LMCA) citing its lower price target for Sirius XM (SIRI) following Liberty's $3.68 per share takeover offer. Citi lowered its price target for Liberty Media shares to $160 from $190 and its price target for Sirius shares to $4.15 from $5.
Sirius XM buyback announcement positive but expected, says FBR Capital FBR Capital said Sirius XM's announcement last night of a $2B expansion of its buyback authorization is a positive, but is also consistent with the firm's expectations. FBR adds that the timing of the announcement suggests the company have been opportunistic with its repurchases during the recent pullback in the market. The firm keeps an Outperform rating on Sirius shares.