- Liberty Media (LMCA) is off 3.5% as it votes today on its takeover of Formula One -- and FBR sees the benefits already priced in, downgrading shares.
- The firm's Barton Crockett has reduced his rating to Market Perform, while raising the price target to $29 from $25.
- Formula One will see meaningful operating improvements, but those are "fully baked" into the stock price already, Crockett writes, and execution risk on the deal might not be fully understood.
- With antitrust approvals already in hand, Liberty Media hopes to close the deal by the end of the first quarter. It plans a rename and new ticker symbols (from LMCA, LMCB and LMCK to FWONA, OTCQB:FWONB and FWONK).