Zacks Investment Research upgraded shares of Liberty Global plc. (LBTYA) from UNDERPERFORM to NEUTRAL on September 20, 2013, with a target price of $83.00.
We upgrade our recommendation on Liberty Global to Neutral following its recent acquisition of Virgin Media. The company has become the largest pay-TV operator globally. Liberty Global is gradually establishing a strong foothold in the European cable MSO market. We believe that the long-term business fundamentals of the company are very intriguing, primarily due to strong demand for its digital cable-TV services, faster broadband and triple-play bundled offerings. Further, Liberty Global is systematically conducting a share buy-back program. On the other hand, the company posted weak financial results for the second quarter of 2013 as both the top and the bottom lines fell below the Zacks Consensus Estimate. Moreover, business integration risk persists as the company has recently acquired several companies either partially or fully. We also believe that the stock is currently fairly valued.
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