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Citi Likes The Formula 1 Deal By Liberty Media, Upgrades To Buy

Citi Equity Research upgraded Liberty Media Group (NASDAQ: LMCA) shares from Neutral to Buy on the addition of Formula One (F1). Analysts, Jason Bazinet and Michael Cohen, lifted the target price by $10 from $22 to $32.

The comments come on the heels of the company agreeing to buy F1 in a cash and securities transaction that was worth about $4.4 billion on September 7.

The brokerage believes the move to buy F1, which has an enterprise value of $8.0 billion, would be "transformative" — meaning the equity would shift from NAV-based to an equity return...


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