UPDATE: Goldman Sachs Downgrades Liberty Global on Near-Term Pressures
In a report published Wednesday, Goldman Sachs analyst Tim Boddy downgraded the rating on Liberty Global PLC (NASDAQ: LBTYA) from Conviction List-Buy to Buy, and lowered the price target from $105.00 to $100.00.
In the report, Goldman Sachs noted, “We remove Liberty Global from our Conviction List - Buy to reflect ongoing near-term pressures in turning around the Virgin Media Business and a modest growth slowdown in 2015/16E in Germany given likely higher regulatory concessions at KBW, and now see opportunities with greater potential upside elsewhere in our coverage universe. These factors offset FX-driven upgrades to headline earnings. As a result we lower our 12-month price target to $100 from $105. Since we added LBTY to the Conviction List on July 11, 2013 the stock is -2.9% vs. the S&P500 at +2.1%. Over 12 months LBTY is +26.5% vs. +19.7%).”
Liberty Global PLC closed on Tuesday at $76.97.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.