Zacks Investment Research upgraded shares of Liberty Interactive Corporation (LINTA) from UNDERPERFORM to NEUTRAL on June 24, 2013, with a target price of $23.00.
We upgrade our recommendation on Liberty Interactive to Neutral based on its improved performance of the QVC and eCommerce segments. The company reported mixed financial results for the first quarter of 2013. While revenues surpassed the Zacks Consensus Estimate, net income fell below the same. We believe that the TV home shopping business will continue to flourish in the near future. The QVC division of Liberty Interactive has successfully transformed itself into a powerful global brand, which may boost Liberty Interactive's revenues in the double-digits. The strategic move taken by management to offer QVC programs on wireless platforms, such as smartphones and tablets, was a huge success. Nevertheless, continuation of global economic headwinds and volatility in the foreign exchange rates may result in a fluctuating top-line going forward. We also believe that the stock is currently valued.
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