Wood has lowered its target price for Hungary’s MOL to HUF 12,100 from HUF 12,600 previously, after the company released its first-quarter earnings report last week. The recommendation is ‘Sell’, as the new fair value estimate is greatly below the current share price of the Hungarian oil stock.
Before Wood, Citi publishes its views on MOL last Friday, cutting its 2014 earning per share (EPS) estimate by 18%, citing uncertainties in both MOL’s Downstream and Gas Midstream segments. The target price, however, was left unchanged at HUF 14,100 with a ‘Neutral’ recommendation.
Before Citi, Concorde and Erste had also published their refreshed views on MOL, but none of them altered their existing target prices, saying the Q1 earnings figures did not cause much of a surprise.
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