UPDATE: Citigroup Downgrades Virgin Media to Neutral, Lowers PT

In a report published Wednesday, Citigroup downgraded its rating on Virgin Media

from Buy to Neutral, and lowered its price target from $33.00 to $36.00. Citigroup noted, “We rate Virgin Media Neutral. Virgin benefits from having a fibre/copper coax network allowing it to offer higher speed broadband than competitors in its franchise areas. Recently customer trends have been improving driven by TiVo interactive TV and the broadband upgrade programme. VMED's valuation is now broadly in line with cable peers for 2013 given relative growth rates.” Virgin Media closed on Tuesday at $34.13.