BofA Securities Downgrades Liberty Global (LBTYA) to Underperform

BofA Securities analyst David Wright downgraded Liberty Global (NASDAQ: LBTYA) from Neutral to Underperform with a price target of $12.60 (from $13.10).

The analyst comments "Of Liberty’s five strategic initiatives announced earlier this year, the spin of Sunrise had the most potential to unlock value, in our view, explaining our Summer upgrade. Now complete and with Liberty trading ‘ex’ we think the remaining initiatives are less convincing and come with more execution risk. Notwithstanding these factors, Liberty faces the ongoing challenge of cable to fibre migration and extending our analysis we think regions could adopt contrasting strategies, building in the UK thanks to high quality ducting, but moving to full wholesale in Holland. These remain costly investments, weighing on our $12.6/share PO. Move to Underperform."

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 $13.86 yesterday.

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