UPDATE: Jefferies Raises PT on Virgin Media on Model Update

In a report published Monday, Jefferies analyst Jerry Dellis reiterated a Hold rating on Virgin Media

, and raised the price target from $33.00 to $49.30. In the report, Dellis noted, “Despite distraction from pending LGI merger, VMED was able to meet expectations and sustain momentum at last week's results. We update our forecasts to reflect key trends. We expect cable to benefit from recent price rises, mobile to face lower regulatory headwinds in 2H and business revenues to accelerate from new contract wins. We value VMED shares at $49.30 based on LGI bid offer terms and current LGI share price.” Virgin Media closed on Friday at $49.21.