RPT-RESEARCH ALERT-Raiffeisen starts PKN, Unipetrol, cuts OMV

20.06.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

(Repeats story published late on Tuesday)...

...

PRAGUE, June 19 (Reuters) - Raiffeisenbank has initiated coverage of Polish oil firm PKN Orlen and its Czech unit Unipetrol with "buy" ratings, the bank said on Monday.

It also cut its rating on Austria's OMV and Hungary's MOL , both to "hold" from "buy", and reduced its recommendation on Romania's Rompetrol Rafinare to "sell" from "buy".

Raiffeisen also started covering Romania's Petrom as "hold".

"Czech Unipetrol is our favourite," the bank said in a report.

"We do not only like that the company is trading at a significant discount to its sum-of-the-parts value, but we also see earnings growth originating from the implemented restructuring measures, as well as the capacity expansion at Chemopetrol, its petrochemicals subsidiary," it said.

It set the target price for Unipetrol at 330 crowns, compared with Tuesday's close at 289 crowns.

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