UPDATE: UBS Initiates Coverage on Liberty Interactive

UBS Monday morning's research notes included a coverage initiation by analyst Eric Sheridan. UBS initiated a Buy rating with a price target of $35 on

. LINTA is comprised of QVC retail, eCommerce businesses, and a 38 percent stake in HSN Inc

. The report highlights optimism on the company's emergence in international markets and utility of digital and mobile platforms. The report notes, "We believe that QVC provides investors with a compelling mix of stable domestic growth, variable International commerce expansion, & the coming spin of its eCommerce businesses as a catalyst. Based on our analysis, we see a long runway for revenue growth & margin expansion within the QVC business (especially overseas). We also see the potential for levered equity returns to shareholders over the coming years." LINTA previously closed at $29.33 and opened back up Monday morning at $29.50.