UPDATE: Credit Suisse Raises PT to $38 on Virgin Media on On Price Increase Announcement
Credit Suisse reiterated its Outperform rating on Virgin Media (NASDAQ: VMED) and increased its price target from $32 to $38.
Credit Suisse commented, "VMED is raising prices c.5% from 1 Feb 2013. The increases apply to existing VMED customers for (1) line rental; (2) 3play bundles (VMED “Collections”); and (3) expected similar increases to standalone TV and Broadband offers. The price rises follow price increases in the last three months by all of VMED's key competitors (Sky, BT and TalkTalk), suggesting little impact on market share."
Virgin Media closed at $33.72 on Wednesday.
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