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1217 GMT 24June2008 - Lotos at all-time low, Deutsche note adds to woes
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Poland's No. 2 refiner Lotos sheds another 6 percent to drop to a new
all-time low of 25.15 zlotys after Deutsche Bank cut its price target for the
company to 25 zlotys, adding to concerns over its growth plans.
The stock is down almost a fifth since raising its planned capital
expenditures last week to $5.9 billion through 2012.
"The main benefits from the strategy are planned for a long time from now,"
said BZ WBK analyst Pawel Burzynski. "But in the meantime there is a large risk
that these projects will turn out not to be profitable."
For more news on Lotos double click on []
Reuters Messaging rm://pawel.bernat.reuters.com@reuters.net
1012 GMT 24June2008 - Warsaw, Budapest fall to 2-yr lows
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Warsaw's WIG20 index <> drops as much as 0.5 percent to 2,621.5 and
Budapest's BUX <> 1.5 percent to 20,163.6, both at new two-year lows, as
jittery investors dumped stocks around Europe on concerns of strong euro and
political worries. Prague's PX <> loses 1.5 percent.
"We saw a temporary moment of panic as a reaction to a significant weakening
in the rest of Europe," said Tomasz Czarnecki, a trader at Pekao brokerage.
The region's indices recovered some of the losses by 1012 GMT.
Reuters Messaging rm://marcin.goettig.reuters.com@reuters.net
0815 GMT 24June2008 - Raiffeisen cuts TVN price target
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Raiffeisen lowers its price target for Poland's largest listed media group
TVN <TVNN.WA> to 19 zlotys from 26.70 and maintained a "hold" rating.
"TVN's audience share remains currently at very high levels, while TV
advertisement prices have grown at a double digit pace year-on-year. We expect
that an increase of operating profit of over 20 percent year-on-year should be
achieved in Q2," writes analyst Dominik Niszcz in a report dated June 23.
For more news on company research double click []
Reuters Messaging rm://chris.borowski.reuters.com@reuters.net
0735 GMT 24June2008 - Deutsche ups price target for PKN, cuts PGNiG, Lotos
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Deutsche Bank raises its price target for Poland's top refiner PKN <PKNA.WA>
to 48 zlotys from 47 and maintains a "buy" rating. The bank cuts its targets for
smaller rival Lotos <LTOS.WA> to 25 zlotys from 31.50 and for gas distributor
PGNiG <PGNI.WA> to 3.25 from 4.10 zlotys. Keeps both at "sell".
For more news on company research double click []
Reuters Messaging rm://chris.borowski.reuters.com@reuters.net
($1=2.163 Zloty)
