UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Virgin Media

In a report published Friday, Jefferies & Company reiterated its Hold rating on Virgin Media

, and raised its price target from $26.30 to $30.00. Jefferies noted, “Last week VMED initiated tender offers for c.£1.0bn of high-coupon unsecured debt. Updated forecasts see interest costs move materially below consensus. Nonetheless we believe VMED may struggle to reach its mid-2013 leverage target. We do not see VMED having scope to commit fresh capital to share buybacks in 2013. Hence an important share price driver may fall away unless the leverage target is pushed back.” Virgin Media closed on Thursday at $32.82.