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4Q's A Charm For mso UGC

Stifel, Nicolaus & Co. cable analyst Ted Henderson raised his 12-month price target on UnitedGlobalCom Inc. from $8 to $11 per share and maintained his "buy" rating on the stock, after the Denver-based international cabler reported strong third-quarter results.

In a report, Henderson wrote that although overall results were somewhat mixed – unit and revenue growth fell below projections — cash-flow growth exceeded his expectations.

"We are confident that unit growth will materialize in the fourth quarter and 2004 to drive top line growth that was light in this first full quarter out of bankruptcy in Europe," Henderson wrote.

UGC reaches about 12.6 million homes in 15 countries in Europe, Asia and Latin America.