UPDATE: Virgin Media Raises PT on Virgin Media to $32 (VMED)

Wunderlich is out with its report today on Virgin Media VMED, raising its price target from $29 to $32. In a note to clients, Wunderlich writes, "We are raising our price target on Buy-rated Virgin Media to $32 from $29 after extending our model through 2015, raising the NOL valuation through more rigorous analysis of the timing of realization, and re-gearing our market-linked valuation to the FTSE 100 rather than the S&P 500. (The latter wrinkle actually dampens the upside on the stock by over 15%, but appears more realistic to us for a pure U.K. telecom play that has traded at a supposedly inexplicable discount and now also trades in London.) Virgin continues to close the video gap relative to BSkyB with more HD Channels and Sky Sports and Movies, and is highly advantaged in broadband relative to competitors." Shares of VMED closed yesterday at $27.76, up 1.39% from Monday's close.