Benchmark analyst Matthew Harrigan initiated coverage of Liberty SiriusXM with a Buy rating and $60 price target. He notes that Liberty Sirius XM Group is a tracking stock that owns 70% of Sirius XM Holdings (SIRI) equity with effectively no other assets. Liberty SiriusXM shares trade at a 29% net asset value discount to Sirius XM shares, which Harrigan believes to be "excessive," he tells investors. LSXMA is nested within the overall Liberty Media Corporation corporate and tax entity alongside Formula One Group (FWONA) and Liberty Braves Group (BATRA), on which he does not have ratings, the analyst noted.

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