Wednesday May 7, 12:15 PM
Verbund downgraded to "hold"
By Erste Bank
LONDON, May 7 (newratings.com) - Analyst Christoph Schultes of Erste Bank downgrades Verbund (ticker: OEWA) from "accumulate" to "hold," while reducing his estimates for the company. The target price has been raised from E50 to E55.
In a research
note published this morning, the analyst mentions that the downgrade in rating follows the recent appreciation in the company's share price. Verbund's 1Q08 results were robust, with the company benefiting from the rise in electricity wholesale prices, the analyst says. The 800 MW CCGT is unlikely to become fully operational in 2010, Erste Bank adds. The EPS estimates for 2008, 2009 and 2010 have been reduced from E2.44 to E2.38, from E2.64 to E2.61 and from E2.89 to E2.76, respectively, to mainly reflect higher financial expenses.
© 2008 New Ratings
Click here for more articles from NewRatings.com
|
|
|
Send Article by Email
