Equity
Erste Bank sets Richter target price to HUF 26.650, keeps ‘Buy' rating
Erste said the new target price suggested that the company's regional competitive advantages, sound fundamentals and proven management track record were not yet reflected in its share price.
After a pleasing set of first-half results, Richter's January-September report failed to deliver another positive surprise for market participants, Erste said, adding that the data were not disappointing either. Third-quarter performance broadly met both the market consensus.
“Home market fortunes are more promising next year, with price increases envisaged from January 1, 2005," Erste said, adding that export growth, driven by Richter's excellent position in booming Russia/CIS and competitive advantages in the gynecological product niche, was set to continue at a solid pace in 2005.
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See Richter's Q1-Q3 preliminary report here .
After a pleasing set of first-half results, Richter's January-September report failed to deliver another positive surprise for market participants, Erste said, adding that the data were not disappointing either. Third-quarter performance broadly met both the market consensus.
“Home market fortunes are more promising next year, with price increases envisaged from January 1, 2005," Erste said, adding that export growth, driven by Richter's excellent position in booming Russia/CIS and competitive advantages in the gynecological product niche, was set to continue at a solid pace in 2005.
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See Richter's Q1-Q3 preliminary report here .
