Citi upgraded Liberty Global to Buy from Neutral with a price target of $24, up from $20. The analyst also opened a “90-day positive catalyst watch” on the shares. The analyst believes Liberty “has sufficient levers to unlock value” over the next 12-18 months while also improving its balance sheet and liquidity position across at least some of its operating companies. Citi anticipates mixed Q4 results on February and believes the fiscal 2024 free cash flow guidance could imply a cut from 2023. However, the company is expected to highlight the optionality to unlock value of owned assets, says the firm.
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