Liberty Global downgraded to Neutral from Buy at UBS

UBS downgraded Liberty Global (LBTYA) to Neutral from Buy with a price target of $13, down from $23, post the spin-off of Sunrise. The Liberty Global remaining company has re-rated by almost 50% over the past 12 months, reflecting a reduction in the valuation discount given the Sunrise spin-off, a tailwind from a peaking in U.S. interest rates and some signs of improvement at VMO2 and VodafoneZiggo, the analyst tells investors in a research note. The firm cites valuation for the downgrade.