BofA analyst David Wright downgraded Liberty Global (LBTYA) to Neutral from Buy with a price target of EUR 23.60, down from EUR 33.30 as part of a broader research note on European Telecoms. Capex has passed its peak around 19% of sales and should trend lower despite some emerging inflation, but cable operators need to overbuild fiber over time, leaving Liberty and Vodafone (VOD) most exposed, the analyst tells investors in a research note.
Published first on TheFly
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