Libery offer for Sirius XM could be raised, says FBR Capital FBR Capital believes Liberty Media's (LMCA) exchange offer for Sirius XM (SIRI), equating to a 3% premium to Friday's close, looks low and could be raised. FBR expects Sirius' board to push for a higher offer and notes that its price target for shares is $5.50.
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.