Sunrise initiated with an Underweight at Barclays

Barclays initiated coverage of Sunrise (SNRE) with an Underweight rating and CHF 36 price target Liberty Global has spun its Swiss asset Sunrise to its investors, creating a liquidity event. The key issues for Sunrise will be navigating a challenging Swiss competitive environment, cable to fiber dynamics and leverage that is “too high,” the analyst tells investors in a research note. The firm’s price target suggests modest downside risk.