Equity
Erste upgrades Synergon to 'Accumulate' from 'Hold'
Makray said Synergon disappointed slightly on the after tax result, mainly due to higher than projected direct costs of sales.
The company had net loss of HUF 65 million in the second quarter of the year, but had a HUF 14 million profit for January-June.
Synergon indicated at an analyst conference on August 11 that it is maintaining its annual targets (10% increase in sales, net profit of HUF 80-120mn). “We think the company’s sales forecast is realistic, although we believe that the company will still close this year with a negative after tax result," Makray said.
Erste kept its target price for Synergon at HUF 426 per share, compared to the recent market price of HUF 380.
The company had net loss of HUF 65 million in the second quarter of the year, but had a HUF 14 million profit for January-June.
Synergon indicated at an analyst conference on August 11 that it is maintaining its annual targets (10% increase in sales, net profit of HUF 80-120mn). “We think the company’s sales forecast is realistic, although we believe that the company will still close this year with a negative after tax result," Makray said.
Erste kept its target price for Synergon at HUF 426 per share, compared to the recent market price of HUF 380.
