TD Cowen analyst Lance Vitanza lowered the firm’s price target on Liberty Formula One to $72 from $90 and keeps a Buy rating on the shares. The firm noted the company has secured the necessary funding for the Dorna acquisition which is expected close 4Q24 and will provide Liberty with 86% of commercial rights to MotoGP. Despite the potential for Formula 1 and MotoGP to unlock synergistic value, a higher debt balance will likely offset profitability in the near-term.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FWONA:
- Liberty Formula One price target raised to $85 from $80 at Morgan Stanley
- Liberty Media’s Strategic Refinancing and Dorna Acquisition Plan
- Liberty Media’s Strategic Spin-off and Sirius XM Merger
- Liberty Media CEO to Discuss Financial Outlook at Tech Conference
- Liberty Media Announces Completion of Formula One Stock Offering