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Sky: Jefferies downgrades to 'hold,' cuts target after offer

( - Jefferies has downgraded Sky shares from "buy" to "hold," now that the auction conducted for the British pay-TV group has ended.

After US cable giant Comcast launched a 1,728 pence offer, there is no scope for a competing offer, unless Comcast fails to gain the necessary acceptance, the broker said.

However, Jefferies fully expects Comcast's offer to be accepted, which will enable the acquisition to close by end-October.

With Sky shares now trading at 1,721.5 pence, the analyst has downgraded the stock and has cut his target price from 1,750 pence to 1,728 pence.

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