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UBS has downgraded Liberty Global (NASDAQ:LBTYA) to "neutral" from "buy" following the spin-off of Swiss telecom firm Sunrise. The ratings firm noted that Liberty Global"s stock, excluding Sunrise, has appreciated by 50% over the past year.
UBS analyst Polo Tang has downgraded Liberty Global (NASDAQ: LBTYA) from Buy to Neutral, reducing the price target from $23.00 to $13.00, citing the impact of the Sunrise spin-off. Liberty Global now holds stakes in Virgin Media O2, Telenet, and VodafoneZiggo, along with a $3 billion Ventures portfolio. The company faces challenges in the UK market but sees potential for growth through broadband expansion and strategic initiatives.
Sunrise, a telecoms company, has successfully returned to the SIX Swiss Exchange after being delisted in 2021 due to its acquisition by Liberty Global. Trading commenced at 44.75 Swiss francs, valuing the company at approximately 3.29 billion francs, making it one of the largest IPOs of the year. CEO André Krause emphasized the company's focus on growth and a progressive dividend policy, with Liberty Global retaining a significant stake in Sunrise.
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UBS downgrades Liberty Global to neutral following Sunrise spin-off
18:10 18.11.2024
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