UBS initiates Valeo with buy
July 17th, 2009 | Author: admin
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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