Thursday May 8, 06:26 PM
Hakon Invest downgraded to "reduce"
By Kaupthing
LONDON, May 8 (newratings.com) - Analyst Erik Sandstedt of Kaupthing downgrades Hakon Invest AB (ticker: H9I) from "neutral" to "reduce," while reducing his estimates for the company. The target price has been reduced from SEK124 to SEK113.
In a
research note published this morning, the analyst mentions that the company has reported its 1Q08 results significantly short of the expectations. Associated income from Hakon Invest's ICA subsidiary declined in the quarter and negative return in the investment portfolio was higher than expected, the analyst says. The 2008 and 2009 net income estimates for ICA have been reduced by 13% and 4%, respectively. The EPS estimates for 2008 and 2009 have been reduced by 16% and 3% for Hakon Invest.
© 2008 New Ratings
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