Seaport Global Securities initiated coverage on GCI Liberty Inc (NASDAQ: GLIBA) this week, assigning a Buy rating and setting a $68.00 price objective. The research note cites the company’s market standing in Alaska and the upcoming completion of a multi-year upgrade capital expenditure program as central to its investment thesis.
The stock is trading at $37.60 and sits close to its 52-week high of $39.24. Seaport Global’s analysis emphasizes GCI Liberty’s operating asset, GCI, which the firm describes as the largest cable and telecom operator in Alaska - ranked number one in broadband and number two in wireless within the state.
According to the firm’s coverage, GCI’s business shows characteristics of a mature regional operator. Revenue and EBITDA have compounded at approximately 3% and 4% annual rates, respectively. Seaport Global expects the company’s major upgrade cycle capital expenditures to conclude in 2026, and it projects that the end of this spending phase will materially boost free cash flow per share growth - to roughly 20% - thereby improving returns for shareholders.
Recent trailing-twelve-month figures cited in the research show $1.05 billion of revenue and $386 million of EBITDA. Despite those operating results, Seaport Global’s current Fair Value analysis signals that the shares may be trading at a premium to intrinsic value at present.
The research note also highlights the company’s post-rights offering balance sheet profile. Net debt sits at about 1.4 times EBITDA following a December rights offering, a leverage level the firm views as supportive of future strategic activity. Seaport Global suggested that, with this leverage posture, GCI Liberty could become "an accretive acquirer going forward" and use that pathway to enhance long-term leveraged equity returns.
Liquidity metrics referenced in the coverage show a current ratio of 1.34, which the firm interprets as a healthy short-term liquidity position. Investors are directed to the firm’s comprehensive pro research report for a deeper dive; the coverage is part of an expanded research slate covering more than a thousand U.S. equities.
In other operational updates, GCI Liberty reported a 2% decline in revenue in the third quarter of 2025, with revenue totaling $257 million. Management continues to prioritize network upgrades and expansion into rural areas, and the company is projecting record Adjusted EBITDA for the full year 2025. There have been no recent analyst upgrades or downgrades noted, and no mergers or acquisitions have been announced in this period. Market participants are monitoring the company’s strategy and financial outlook as these developments unfold.
Key details
- Seaport Global launched coverage with a Buy rating and $68.00 price target.
- GCI Liberty reported $1.05 billion in trailing-twelve-month revenue and $386 million in EBITDA; Q3 2025 revenue was $257 million, down 2% year-over-year.
- Seaport expects end of upgrade capex in 2026 to lift free cash flow per share growth to about 20%.
Context and implications
- Sector focus: regional telecom and cable operations, with implications for broadband and wireless markets in Alaska and rural connectivity efforts.
- Balance sheet and capital allocation: net debt around 1.4x EBITDA and a current ratio near 1.34 suggest available capacity for strategic actions, including potential accretive acquisitions if pursued.