BME: RBC raises price target, still says stock 'overvalued'.
(CercleFinance.com) - RBC Capital Markets raised its target price on Spanish stock-market operator Bolsas y Mercados Espanoles based on stronger-than-expected volumes in the second quarter.
The Canadian broker increased its BME price target from 26.5 euros to 29 euros, which remains below BME's share price, prompting RBC to maintain its "underperform" rating on the stock.
The broker's negative stance is mostly based on the prospect of increasing competition in the Spanish market given recent market structure reforms.
In other words, RBC maintains its opinion that BME remains "overvalued."
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The Canadian broker increased its BME price target from 26.5 euros to 29 euros, which remains below BME's share price, prompting RBC to maintain its "underperform" rating on the stock.
The broker's negative stance is mostly based on the prospect of increasing competition in the Spanish market given recent market structure reforms.
In other words, RBC maintains its opinion that BME remains "overvalued."
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.