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MADRID (MarketWatch) — UBS on Friday initiated coverage of French automotive supplier Valeo with a buy rating and an 18 euro share price target. The investment bank said a cyclical recovery in the industry and repositioning by the company — new management, industry mergers and acquisitions and a new shareholding structure — are drivers for the upside. Those factors also aren’t reflected in current share prices, said UBS. The investment bank also said lack of debt repayments before 2011 and the 1.2 billion euro ($1.68 billion) undrawn credit line with a new covenant allow more flexibility for the group
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UBS initiates Valeo with buy
Posted July 17th, 2009 in Business by admin. Tags: 1-2-billion, 1-68-billion, a-buy-rating, a-new-covenant, Automotive Supplier, Debt Repayments, Euro 1, factors-also, Flexibility, industry, Industry Mergers, Investment Bank, madrid, Management Industry, market-pulse, Marketwatch, Mergers And Acquisitions, New Covenant, New Management, price-target-, rapid-fire, Repositioning, Share Price Target, Share Prices, Shareholding Structure, the-industry, Ubs, Ubs Bank, upside, Valeo, visit-market
