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Fly News Breaks for January 21, 2020
VOD, LBTYA
Jan 21, 2020 | 06:04 EDT
Jefferies analyst Ulrich Rathe downgraded Liberty Global (LBTYA) to Hold from Buy with a price target of $23, down from $33. The analyst says operational headwinds have forced him to cut estimates "yet again." In Liberty's levered equity model, profits in organic decline put the allocation of Vodafone (VOD) deal proceeds for cash return in question, Rathe tells investors in a research note. Further, the collapse of the Swiss divestment casts a shadow over the company's ability to realize strategic value, adds the analyst.