Jefferies Encouraged By Virgin Media (VMED)

Jefferies remained encouraged by Virgin Media VMED after Virgin Media announced Q4 revenue. Jefferies has previously rated Virgin Media a Buy, with a $32.50 price target. In the report, Jefferies states, "Resilient Q4 trends offer important reassurance given recent concern that VMED's competitive position was threatened by strong BB net adds from BT/Sky. Churn back to normal levels after Q3 spike, ARPU momentum encouraging, solid migration to higher-speed BB and premium TV products adds confidence to 2011 growth outlook." Shares of Virgin Media were at $27.86 in Wednesday after hours trading, down 0.14% from Wednesday's market close.