UPDATE: Morgan Stanley Resumes Coverage on Liberty Global at Overweight on Share Gains Forecast

In a report published Wednesday, Morgan Stanley analyst Benjamin Swinburne resumed coverage on Liberty Global LBTYA with an Overweight rating and $90.00 price target.

In the report, Morgan Stanley noted, “We are forecasting share gains, particularly in Germany, to drive revenue growth at the high end of US and most European cable peers. We forecast margin expansion in ‘14E from VMED and KBW synergies and Chilean wireless losses slow. Our 2013-14 forecast conservatively assumes no margin expansion from operating leverage despite our expectation that LGI adds >1M organic RGUs p.a. through ‘15E. LGI's tax shield (we value at ~$3.5B or $9-$10/shr) should minimize cash taxes, support buybacks.”

Liberty Global closed on Tuesday at $80.53.