Shares of Liberty Media Corp. rocketed more than 16% during trade hours on Tuesday. The media and entertainment company was upgraded to buy from neutral at Citigroup. Citi analyst Jason Bazinet said Liberty’s recent $8 billion-acquisition of Formula One is transformative. At an estimated value of $12 billion, Bazinet wrote Formula One was a trophy asset. “The equity will migrate from a [net asset value] story to a tax-advantaged, levered equity return story,” Bazinet wrote in a note to clients. Along with the upgrade, he raised his price target on Liberty Media to $32 from $22. Liberty Media shares are up more than 50% in the last three months, outperforming the S&P 500 Index , which is up 2%.
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