Citi Comments on Sale at Virgin Media

Citi has published a research report on Virgin Media

covering the company's sale of one of its subsidiary. In the report, Citi wrote, "We do not expect this news to lead to an early change in the buyback programme, which we expect to run annually at around £440m or 10.1% of its equity. However, it could advance the date when the buyback is next increased, possibly into 2012 compared to 2013, which previously looked more feasible given the company's leverage target." Citi rated Virgin Media a Medium Risk BUY with a price target of $42.00. Virgin Media closed Friday at $23.64.