Wunderlich Securities has published a research report on Liberty Interactive Group LINTA after the company revealed color on its forecast for Japan.
In the report, Wunderlich writes "We are raising our price target on Buy-rated Liberty Interactive Group (LINTA) to $22 from $18.50 largely off a more granular LT analysis of the eCommerce enthusiast businesses (with higher estimates) while now applying our S&P 500 linked valuation template. We had earlier applied an arbitrary 12x multiple to 2011E OCF, which we had estimated at $105mm prior to the Q4 release v. a revised estimate of $141mm. We are concurrently and cautiously lowering a still-in-flux estimate for QVC Japan 2011 OCF to $162mm from $257mm. The target with no value for Japan net of the 40% Mitsui interest is only about 1 1/2 points lower."
Wunderlich maintains its Buy rating and has raised the price target from $18.50 to $22.
Liberty Interactive Group closed yesterday at $15.58.
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