Liberty Global downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Stan Noel downgraded Liberty Global to Market Perform from Outperform with a price target of $23, down from $31.60. The company’s "massive" share buybacks are set to continue, but its reliance on cash distributions from joint ventures "poses a risk," Noel tells investors in a research note. The analyst thinks the market isn’t convinced that relying on "highly levered" joint ventures to finance Liberty’s buybacks is the right approach. Liberty Global’s high leverage is also unlikely to appeal to new investors, despite limited risk from higher rates in the medium term, Noel contends.