Barclays on Starz (Nasdaq:LSTZA), Liberty Capital (Nasdaq:LCAPA) Sirius XM (Nasdaq:SIRI)

Barclays (NYSE:BCS) gave their take on three companies within the U.S. Cable & Satellite Communications sector, which included Starz (Nasdaq:LSTZA), Liberty Capital (Nasdaq:LCAPA) and Sirius XM (Nasdaq:SIRI).

They said, "LSTZA: Over The Top (OTT) Revenue Prospect Remains Key Value Driver. We continue to view Starz's prospects for material OTT revenue as the company's key incremental value driver. We are forecasting $160MM in annualized OTT revenue starting in mid-2011. We highlight that the makeup of that revenue is highly uncertain. It could be a large deal with Netflix, a series of smaller deals
with other OTT players (i.e. Amazon, Google, etc.), or a combination of the two. Our total OTT revenue forecast is less than Epix's deal with Netflix, as Starz can't offer the exclusivity that Epix offered.

"LCAPA Value Remains Driven by SIRI Shares; Long Term, Expect Distribution Similar to DTV. SIRI shares remain the bulk of LCAPA value (45% of gross assets), and have been the primary driver of LCAPA's share performance YTD (SIRI up 133%, LCAPA up 148%, vs. 12% for the S&P 500). Long term, we expect Liberty to distribute the SIRI shares to LCAPA shareholders in a transaction similar to the DTV distribution."

Starz closed Monday at $66.54, down $0.12, or 0.18 percent. Liberty Capital closed at $58.56, down $0.55, or 0.93 percent. Sirius XM closed at $1.4050, up $0.0050, or 0.36 percent.