Wednesday May 7, 01:27 PM
Titan Cement "underweight," target price reduced
By J.P. Morgan Securities
LONDON, May 7 (newratings.com) - Analyst Mike Betts of JP Morgan maintains his "underweight" rating on Titan Cement Company SA (ticker: TIC), while raising his estimates for the company. The target price has been reduced from E31.8 to E30.
In a
research note published this morning, the analyst mentions that the company has posted its 1Q08 EPS ahead of the estimates. The downward revision in the target price reflects Titan Cement (Berlin: TIC.BE - news) 's decision to purchase Lafarge (Paris: FR0000120537 - news) 's 50% stake in the Egyptian joint venture for E330 million, the analyst says. The EPS estimate for 2008 has been raised from E2.19 to E2.32.
© 2008 New Ratings
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