Sunrise initiated with a Buy at Deutsche Bank

Deutsche Bank analyst Robert Grindle initiated coverage of Sunrise (SNRE) with a Buy rating and CHF 65 price target The firm likes that Liberty Global representatives remain involved in the company, with significant board representation. While Sunrise shares already trade at a premium to peers, the weight of American depository share selling and nascent Swiss buying has not yet resulted in an equilibrium value, the analyst tells investors in a research note. Deutsche sees Sunrise’s value as “substantially higher” relative to current share levels.