Antin: BofA maintains neutral rating, but raises TP
(CercleFinance.com) - On Thursday Bank of America maintained its "neutral" rating on Antin shares, having increased its target price for them from 26 euros to 28.
5 euros, following the group's interim results that the infrastructure investment specialist unveiled on Tuesday.
In its comments, BofA explains the decline in the group's net profit over the first six months of the year by the investment efforts made for the launch of the new Fund V fund, which has already managed to raise 11 billion euros and which is expected to contribute to earnings from next year.
While it says that it likes Antin as a business - especially in an environment where the company is able to leverage its defensive infrastructure businesses - the US bank is cautious about valuation issues.
At current levels, it says, the stock is trading at the upper end of its sector multiples, which gives it limited upside potential, BofA says.
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