Liberty Global (LBTYA) PT Lowered to $51 at BofA Securities After Earnings

BofA Securities analyst David Wright lowered the price target on Liberty Global (NASDAQ: LBTYA) to $51.00 (from $52.20) after the company reported reassuring Q1 results with VMO2 robust in the face of record price rises and Swiss operations performing better in a more rational market.

The analyst reiterated a Buy rating, stating "Both support our view that Liberty is increasingly operationally resilient having restructured its portfolio to build convergent scale operations. We continue to forecast strong free cash flow growth as asset integration evolves with synergies accruing. And Liberty’s accelerated YTD buyback is an encouraging sign that management are increasingly willing to exploit share price weakness. With organic growth and buyback combined we forecast significant free cash per share growth with a share price re-rating sure to follow. Maintain BUY, although a stronger US weighs on forecast adjustments."

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