Benchmark lowered the firm’s price target on Liberty Broadband (LBRDA) to $115 from $130 and keeps a Buy rating on the shares. The firm estimates Liberty Broadband’s current net asset value discount at about 12% off the current value of the eventual about 34M shares to be issued to shareholders and the estimated value of the GCI asset after net debt, notes the analyst, who cites current equity market conditions for the firm’s lowered price target
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