Liberty Global price target lowered to $11 from $13 at Citi

Citi lowered the firm’s price target on Liberty Global (LBTYA) to $11 from $13 and keeps a Neutral rating on the shares. The firm is “somewhat sympathetic” to management’s view that the company’s assets trade at a discount to fair value, but it sees little prospect of this changing while its “complexity remains, particularly while the group’s cash flows remain at a low level.”