Liberty Global upgraded to Neutral from Underperform at BofA

BofA upgraded Liberty Global to Neutral from Underperform with a price target of $21.30, up from $15.50. The company announced five strategic moves to unlock value in its share price in February, with the most compelling being the move to spin-off Swiss asset Sunrise to shareholders in Q4, the analyst tells investors in a research note. The firm’s analysis suggests some short-term value unlock as Sunrise exits the Liberty Group discount and likely re-rates on a Swiss dividend valuation. It cites valuation for the upgrade of Liberty Global.