Millenium IB restarts coverage on Cimpor

Millenium IB restarts coverage on Cimpor
Published: 06 July 2010

The average price target and the potential recovery of Cimpor has changed after Millennium IB has restarted coverage and Santander changed its assessment.

The company now has a "target" average of 5.55 euros, up 10 cents compared to the previous price target and a potential recovery of 18.72% over the closing price on Friday, EUR 4.675 .

Millennium IB resumed coverage of Cimpor with a target price of 6.05 euros and a recommendation from "buy." Before suspending coverage of Cimpor (during the failed takeover bid of Brazil’s CSN earlier this year) the  the investment bank had a target price of 7.65 euros.

The bank says the new "target" asserting that it revised downward its estimates for all areas of the company, with the exception of Brazil.