UPDATE: Bank of America Initiates Liberty Global at Buy on Favorable Exposure, Leverage

Bank of America initiated overage on Liberty Global, Inc.

with a Buy rating and a $77.00 price objective. Bank of America noted, "Liberty Global trades on 11.3x 2013E OpFCF, broadly in line with peers. We believe it should trade at a premium given its exposure to Germany, strong FCF growth, ability to extract synergies through consolidation, tax assets and multinational benefits (tax and financial efficiency). Ongoing cash returns should also provide support." Liberty Global closed at $65.96 on Thursday.