Zacks Investment Research downgraded shares of Liberty Interactive Corporation (LINTA) from OUTPERFORM to NEUTRAL on December 19, 2012, with a target price of $21.00.
We are downgrading our recommendation on Liberty Interactive to Neutral based on its current valuation, which soared over 24% in the last year. We believe the stock is currently fairly valued. Meanwhile, the company continued its robust performance as the third quarter of 2012 financial results outperformed the Zacks Consensus Estimates. In our view, the TV home shopping business will continue to flourish in the near future. The QVC division of Liberty Interactive continues to perform exceptionally well and has successfully transformed itself into a powerful global brand, which may facilitate Liberty Interactive to boost its revenue in the double digits. The strategic move taken by management to offer QVC programs on mobile platforms, such as smartphones and tablets, was a huge success. Liberty Interactive is continuously generating positive free cash flow to sustain its future endeavors.
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