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Henderson Starts UGC With a 'Buy' Rating

5/18/2003 8:00 PM Eastern

Stifel, Nicolaus & Co. cable analyst Ted Henderson initiated coverage of UnitedGlobalCom Inc. last week with a "buy" rating and a $7 price target, citing progress in the Denver-based company's restructuring plans.

UGC, which operates cable systems in Europe and Asia, has reduced debt by $9 billion in two years and management is now poised to focus on execution. With that new focus, updated plant and attractive valuations (a fraction of those for broadband homes in the U.S.), Henderson wrote that it is a "good time to get back into UGC shares."

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