Deutsche Bank Comments on Virgin Media

Deutsche Bank has published a report on Virgin Media VMED. In the report, Deutsche Bank wrote, "VMED Q2 results were in line with cons. OCF expectations and ahead on FCF but with weaker Mobile and Business growth and poor cable customer net adds (-36k). The weaker subs can be explained by seasonality and a marketing quiet period and apparently the quality of leavers was inferior to joiners. The economy and competition were partly to blame however and we remain concerned on both. VMED has a number of product initiatives and tariff rises in the pipes and the shares are now below our TP, but we maintain Hold ahead of improving visibility." Deutsche Bank rated Virgin Media a HOLD with a price target of 1,825.00 British Pounds. Virgin Media closed Wednesday at 1,680.00 British Pounds.