Goldman Sachs Upgrades Liberty Global (LBTYA) to Conviction Buy; Robust Volume Growth

June 21, 2012 9:10 AM EDT
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Price: $34.69 --0%

Rating Summary:
    14 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 16 | New: 53
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Goldman Sachs upgraded Liberty Global (NASDAQ: LBTYA) from Buy to Conviction Buy with a price target of $71.10 (from $65.60).

Goldman analyst said, "We see Liberty Global (LGI) as having attractive and diversified end-market exposure to key European cable markets. Robust volume growth, particularly in Germany, is being supported by increased levels of investment. Capital management continues to be an important aspect of the LGI investment case and we fully expect that LGI will continue to exercise discipline in this area. Following acquisitions in 2011, we believe that the integrations of Kabel BW (in Germany) and Aster (in Poland) are on track, with potential for synergies to come in ahead of plan in Germany."

However, Goldman cuts FY12 EPS estimates from $1.83 to $0.47, FY13 from $3.41 to $2.70 and FY14 from $4.69 to $4.59, citing FX changes

For an analyst ratings summary and ratings history on Liberty Global click here. For more ratings news on Liberty Global click here.

Shares of Liberty Global closed at $48.50 yesterday.

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