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LYV

Live Nation

$47.03

-0.07 (-0.15%)

, SIRI

SiriusXM

$7.16

-0.35 (-4.66%)

08:29
06/22/18
06/22
08:29
06/22/18
08:29

Citi sees 'several signs' of SiriusXM possibly acquiring Live Nation

"Several signs" suggest a SiriusXM (SIRI) acquisition of Live Nation (LYN) is possible, including Liberty suggesting that synergies are possible among the firms it owns, Citi analyst Jason Bazinet tells investors in a research note. A combination would create a "vertically integrated music titan" with "several strategic benefits," Bazinet contends. Further, he believes the likelihood of legal approval is high since the deal "would be a clean vertical merger." He raised his price target for Live Nation shares to $56 from $45 and keeps a Buy rating on the name. Bazinet also upped his price target for Neutral-rated SiriusXM to $7.15 from $6.65.

LYV

Live Nation

$47.03

-0.07 (-0.15%)

SIRI

SiriusXM

$7.16

-0.35 (-4.66%)

LSXMA

Liberty SiriusXM

$45.67

-1.76 (-3.71%)

LYV Live Nation
$47.03

-0.07 (-0.15%)

05/04/18
EVER
05/04/18
UPGRADE
EVER
Outperform
Live Nation upgraded to Outperform from In Line at Evercore ISI
04/23/18
NRCS
04/23/18
UPGRADE
NRCS
Buy
Live Nation upgraded to Buy from Neutral at Northcoast
04/10/18
04/10/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Ulta Beauty (ULTA) upgraded to Overweight from Neutral at Piper Jaffray with analyst Erinn Murphy citing Piper's 35th semi-annual teens survey in which Ulta Beauty overtook Sephora as the top brand for average-income teens. 2. Nvidia (NVDA) and Seagate (STX) were upgraded to Overweight from Equal Weight at Morgan Stanley. 3. Live Nation (LYV) upgraded to Buy from Neutral at Citi with analyst Jason Bazinet saying the stock has sold off after the New York Times reported that the Department of Justice is investigating the company for antitrust violations. 4. Becton Dickinson (BDX) upgraded to Buy from Neutral at Citi with analyst Amit Hazan saying he sees a "strong setup" for upside to estimates in fiscal 2018, largely driven by the Becton Dickinson side of the business. 5. Illinois Tool Works (ITW) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Joe Ritchie saying the pullback in shares due to auto concerns provides an attractive entry point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/10/18
SBSH
04/10/18
UPGRADE
Target $47
SBSH
Buy
Live Nation upgraded to Buy following recent pullback at Citi
Citi analyst Jason Bazinet upgraded Live Nation to Buy from Neutral and lowered his price target for the shares to $45 from $47. The stock has sold off after the New York Times reported that the Department of Justice is investigating the company for antitrust violations, Bazinet tells investors in a research note. The analyst, while not ruling out an adverse Justice Department ruling, thinks the pullback in shares is an overreaction. His new price target assigns a 25% chance of a forced split of Live Nation.
SIRI SiriusXM
$7.16

-0.35 (-4.66%)

06/21/18
GSCO
06/21/18
DOWNGRADE
Target $6
GSCO
Sell
Goldman downgrades SiriusXM to Sell after 40% year-to-date rally
Goldman Sachs analyst Brett Feldman downgraded SiriusXM to Sell from Neutral with an unchanged price target of $6. The analyst attributes the stock's 40% rally year-to-date to its relationship with its tracking stock, declining short interest, and the company's high share repurchases relative to its low float. This outperformance has pushed valuation well above intrinsic value, Feldman tells investors in a research note. He sees limited upside potential to subscriber and financial estimates over the near-to medium-term given the slowing pace of new car sales in the U.S., a "maturing" used car subscriber acquisition funnel and "limited opportunity" to increase pricing in the near-term.
06/21/18
GSCO
06/21/18
DOWNGRADE
Target $6
GSCO
Sell
SiriusXM downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Brett Feldman downgraded SiriusXM to Sell with an unchanged price target of $6.
06/19/18
PIVT
06/19/18
DOWNGRADE
Target $7.75
PIVT
Hold
SiriusXM downgraded to Hold from Buy at Pivotal Research
Pivotal Research analyst Jeffrey Wlodarczak downgraded SiriusXM Radio (SIRI) to Hold with an unchanged price target of $7.75. The analyst cites valuation for the downgrade with the recent rally pushing the shares close to his price target. Wlodarczak views SiriusXM's valuation as fair and believes Liberty SiriusXM (LSXMA) is a better way to play the company.
06/14/18
BOFA
06/14/18
NO CHANGE
Target $8
BOFA
Buy
SiriusXM price target raised to $8 at BofA/Merrill on steady new car conversion
BofA/Merrill analyst Jessica Reif raised her price target on SiriusXM to $8 from $7, saying that despite the investor concerns around the growth of connected and CarPlay enabled vehicles, the conversion of new cars to the service has been "steady" at 40% while the churn rate remains below 2%. The analyst also points to better than estimated SAAR growth of new auto sales in the U.S. markets, which bodes well for the company's subscription growth in Q2. Reif keeps her Buy rating on SiriusXM, anticipating continued improvement in its products supporting the ongoing subscription growth.
LSXMA Liberty SiriusXM
$45.67

-1.76 (-3.71%)

05/07/18
05/07/18
DOWNGRADE
Target $7.25

Neutral
SiriusXM downgraded to Neutral on Liberty SiriusXM alternative at Buckingham
As previously reported, Buckingham analyst Matthew Harrigan downgraded SiriusXM (SIRI) to Neutral from Buy. He said his downgrade is not predicated on any view on a change in fundamentals at Sirius, but rather is due to the availability of Liberty SiriusXM (LSXMA) as a "near pure play" alternative trading at a "remarkable" 33% discount. In conjunction with the downgrade of SiriusXM, Harrigan increased his price target on the stock to $7.25 from $7.
03/22/18
SBSH
03/22/18
DOWNGRADE
Target $6.65
SBSH
Neutral
Citi downgrades SiriusXM with free cash flow growth expected to fall in 2020
Citi analyst Jason Bazinet downgraded SiriusXM (SIRI) to Neutral from Buy with an unchanged price target of $6.65. The analyst expects Sirius' free cash flow per share growth rate to decelerate from over 20% growth in 2018 and 2019 to low-double digit growth in 2020. The stock's levered free cash flow multiple may compress from 20 times to 18 times, which suggests Sirius won't surpass $6.65 per share before 2020, Bazinet tells investors in a research note. He keeps a Buy rating on shares of Liberty SiriusXM (LSXMA).
03/22/18
SBSH
03/22/18
DOWNGRADE
SBSH
Neutral
SiriusXM downgraded to Neutral from Buy at Citi
Citi analyst Jason Bazinet downgraded SiriusXM (SIRI) to Neutral while keeping a Buy rating on Liberty SiriusXM (LXSMA).

TODAY'S FREE FLY STORIES

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Intuitive Surgical

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TWTR

Twitter

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0.09 (0.21%)

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BA

Boeing

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-4.74 (-1.32%)

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STT

State Street

$92.84

-2.505 (-2.63%)

17:03
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State Street raises quarterly dividend 12% to 47c from 42c per share »

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IQ

iQIYI

$32.60

-3.36 (-9.34%)

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BTU

Peabody Energy

$44.10

-0.6 (-1.34%)

17:01
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Peabody Energy raises quarterly dividend 10% to 12.5c per share »

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ISRG

Intuitive Surgical

$521.30

-6.37 (-1.21%)

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Intuitive Surgical raises FY18 procedure growth view to 14.5%-16.5% from 12%-15% »

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WKHS

Workhorse Group

$1.49

(0.00%)

16:58
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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$279.95

-1.09 (-0.39%)

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S&P 500

$0.00

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SPY

SPDR S&P 500 ETF Trust

$279.95

-1.09 (-0.39%)

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DFS

Discover

$71.52

-0.57 (-0.79%)

16:56
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Discover announces new $3B share repurchase plan, raises dividend to 40c »

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DFS

Discover

$71.52

-0.57 (-0.79%)

16:55
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Breaking Hot Stocks news story on Discover »

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16:55
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Conference/Events
Stephens business services analyst to hold a dinner meeting »

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WAL

Western Alliance

$58.12

-0.35 (-0.60%)

16:52
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Earnings
Western Alliance reports Q2 EPS 99c, consensus 98c »

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JAZZ

Jazz Pharmaceuticals

$177.06

1.12 (0.64%)

16:47
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JCO publishes pivotal Phase 3 data for Jazz Pharmaceuticals' Vyxeos »

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  • 27

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ISRG

Intuitive Surgical

$521.30

-6.37 (-1.21%)

16:47
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Intuitive Surgical says U.S. showed particular strength »

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NAVB

Navidea

$0.21

-0.0011 (-0.51%)

16:45
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Navidea to host business news update conference call »

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NGVT

Ingevity

$90.05

0.07 (0.08%)

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PTCT

PTC Therapeutics

$36.61

1.59 (4.54%)

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AEHR

Aehr Test Systems

$2.81

0.13 (4.85%)

16:38
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Earnings
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  • 19

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BANF

BancFirst

$62.05

0.2 (0.32%)

16:35
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Earnings
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ENFC

Entegra Financial

$30.15

0.05 (0.17%)

16:34
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Earnings
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  • 20

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GBCI

Glacier Bancorp

$40.38

0.12 (0.30%)

16:33
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Earnings
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  • 20

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STXB

Spirit of Texas Bancshares

$20.45

0.12 (0.59%)

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  • 25

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DATA

Tableau

$110.44

-0.76 (-0.68%)

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