Citi downgraded Liberty Global (LBTYA) to Neutral from Buy with a price target of $13, up from $12.88. Post the Sunrise spinoff, Liberty shares have rallied 20%, reaching $4.5B market cap, the analyst tells investors in a research note. The firm says that while further opportunities to unlock sum-of-parts upside remains, visibility on the timing is currently low to drive a further re-rating of the stock. Citi says that with limited positive catalysts ahead, it downgrades Liberty Global.
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