BofA analyst David Wright downgraded Liberty Global (LBTYA) to Underperform from Neutral with a price target of $12.60, down from $13.10. Among Liberty’s five strategic initiatives announced earlier this year, the spin of Sunrise had the most potential to unlock value, but with that spin now complete and with Liberty trading “ex,” the firm thinks the remaining initiatives are less convincing and come with more execution risk, the analyst tells investors.
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