BofA Securities Upgrades Liberty Global (LBTYA) to Neutral

BofA Securities analyst David Wright upgraded Liberty Global (NASDAQ: LBTYA) from Underperform to Neutral with a price target of $21.30 (from $15.50).

The analyst comments: "Liberty announced 5 strategic moves to unlock value in its share price at YE results in February. The most compelling, in our view, is the move to spin-off Swiss asset Sunrise to shareholders in Q4, with a capital markets day planned in September. Analysis suggests some short-term value unlock as Sunrise exits the Liberty Group discount and likely rerates on a Swiss dividend valuation. But mid-term strategic concerns linger, and in our view value upside is compromised by asset quality and valuation in the residual Liberty Global Group. We upgrade to Neutral on valuation."

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 $18.97 yesterday.

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