Liberty Global downgraded to Neutral from Buy at BofA

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.