Liberty SiriusXM stock gains after B. Riley hikes target, calls shares the ‘value play in streaming media’

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING

Shares of Liberty SiriusXM LSXMA, +0.76% are up 0.4% in Tuesday morning trading after B. Riley analyst Barton Crockett raised his price target on the stock to $75 from $63 and added the shares to his firm’s "alpha generator list." He highlighted that the stock is trading at a nearly 40% discount to its stake in SiriusXM Holdings Inc. LSXMA, +0.76% a discount he said could grow to 60% if Sirius’ equity increases 13% and the stock hits B. Riley’s $8 price target. "Liberty Sirius, we believe, is the value play in streaming media," wrote Crockett. "Liberty, arguably has no bigger near-term opportunity on its potential agenda than fixing Liberty Sirius, a move that we believe could better position the Liberty music keiretsu – Liberty, Sirius, Pandora P, -1.03% and Live Nation P, -1.03% – to compete against strong rivals in the surging streaming audio sector." Liberty Sirius shares are up 5.5% over the past 12 months, while Sirius’s stock has risen 24% and the S&P 500 SPX, -0.10% has gained 17%.

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