Liberty Broadband downgraded to Neutral from Buy at Citi

Citi downgraded Liberty Broadband (LBRDK) to Neutral from Buy with a price target of $57, down from $67. The company’s net asset value discount may not significantly narrow over the next 12 motnhs in the absence of a “more meaningful catalyst”, the analyst tells investors in a research note. Citi adds that Lberty’s investment in Charter (CHTR) faces downside risk as the organic broadband environment becomes more challenging relative to consensus.