UPDATE: UBS Initiates Coverage on Liberty Interactive
UBS Monday morning's research notes included a coverage initiation by analyst Eric Sheridan. UBS initiated a Buy rating with a price target of $35 on Liberty Interactive (NASDAQ: LINTA).
LINTA is comprised of QVC retail, eCommerce businesses, and a 38 percent stake in HSN. The report highlights optimism on the company's emergence in international markets and utility of digital and mobile platforms.
The report notes, "We believe that QVC provides investors with a compelling mix of stable domestic growth, variable International commerce expansion, & the coming spin of its eCommerce businesses as a catalyst. Based on our analysis, we see a long runway for revenue growth & margin expansion within the QVC business (especially overseas). We also see the potential for levered equity returns to shareholders over the coming years."
LINTA previously closed at $29.33 and opened back up Monday morning at $29.50.
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