UPDATE: J.P. Morgan Resumes Coverage on Liberty Global at Overweight on Positive Outlook

In a report published Wednesday, J.P. Morgan analyst Carl Murdock-Smith resumed coverage on Liberty Global (NASDAQ: LBTYA) with an Overweight rating and $90.00 price target.

In the report, J.P. Morgan noted, “We resume coverage with an Overweight recommendation and $90 Dec-14 PT ($70 Dec-13 previously). We view Liberty's cable assets as having multiple, sustainable growth opportunities in the stronger European economies(UK, Germany, Belgium, Switzerland & Netherlands c. 80% of revenue & OCF), combined with substantial operational and financial gearing. The recent Virgin Media acquisition should help Liberty exploit opportunities such as business segment growth and mobile cross-sell (Virgin having seen quad-play customer lifetime value 27x that of single-play, delivering clear profitability benefits). We also believe M&A risk is reducing, and that while there remain further deals to be done, the ‘end-game' is becoming increasingly clear.”

Liberty Global closed on Tuesday at $79.46.