Sunrise initiated with a Sell at Goldman Sachs

Goldman Sachs analyst Andrew Lee initiated coverage of Sunrise (SNRE) with a Sell rating and CHF 41 price target Sunrise is a Swiss operator recently spun out of Liberty Global and “a high, covered dividend yield against a strong macro backdrop,” the analyst tells investors in a research note. However, the firm says Sunrise faces a large cost overhang tempering long-term return on invested capital growth. It also does not see scope for mobile consolidation upside and views the stock’s valuation as uncompelling.