UPDATE: Stifel Nicolaus Initiates Buy, $21 Target on Liberty Interactive

Stifel Nicolaus initiates its coverage on Liberty Interactive (NASDAQ: LINTA) with a Buy rating and a price target of $21 per share as the company is seen as well positioned in the consumer market, which still displays sluggishness.

Stifel Nicolaus comments, " Unique/proprietary product and strong on-air hosts have allowed the QVC product to have pricing power, as evidenced by a recent shipping price increase when commoditized ecommerce sites are having to bear shipping costs. Internationally, we see the catalyst for growth as being a higher conversion rate. The European results held up relatively well over the summer, despite the macro-environment. Although, our rating/target price are not a sum of the parts story, the company's $2.8bn in non-core assets lead the stock's valuation to appear to be rich at first blush but in fact the core cash flow generating assets are both attractively valued and continue to have solid operating fundamentals."

LINTA closed at $16.85 per share on Monday.

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