Liberty Global price target lowered to $12.50 from $21 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Liberty Global (LBTYA) to $12.50 from $21 and keeps an Equal Weight rating on the shares. The firm updated its forecast and valuation to reflect the Sunrise spin-off. Although Morgan Stanley notes the strategic optionality, and sees also support from the share buyback, the firm believes the business free cash flow generation is uninspiring given the technology upgrade cycle.

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