UPDATE: Bank of America Lowers Virgin Media's PT

According to a research report published this morning, Bank of America has lowered Virgin Media's

PT from $25 to $24. In the report, Bank of America commented, “In our view the VMED story is [characterized] by a two-way pull between management trying to tweak the model to generate cash (to drive share buybacks) and the operational issues facing the company. In this note we refresh and update our Underperform view which we articulated last year (Virgin Media, 8 July 2011).” Bank of America maintains its Underperform rating on Virgin Media, which closed yesterday at $24.22.