Market Overview

UPDATE: Deutsche Bank Upgrades VimpelCom

Related VIP
VimpelCom Russia, MTS Announces Project to Share 4G/LTE Radio Frequencies in Russia
Benzinga's Top #PreMarket Gainers

Deutsche Bank upgraded VimpelCom (NASDAQ: VIP) to Buy and established a target price of $10.

Deutsche Bank analyst Igor Semenov says, "We cut our estimates for VIP again after weak results and lower guidance. We expect revenue dynamics to remain negative for the rest of the year. However, VIP recently completed the refinancing of its Italian unit and agreed on a sale of a majority stake in its Algerian operation, both of which should be positive for earnings via reduced interest costs."

Semenov continued to say, "We also reduce our WACC for Wind owing to lower interest rates. As a result, we raise our target price to USD10. Given the upside, we raise our rating to Buy, although near-term performance could still be volatile until revenue trends in major operating units start to stabilize."

VimpelCom shares responded to the upgrade and traded up 2.53 percent to close at $8.11 on Friday.

Latest Ratings for VIP

Nov 2015BarclaysMaintainsEqual-weight
Nov 2015CitigroupUpgradesNeutralBuy
Oct 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for VIP
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Igor SemenovAnalyst Color Upgrades Analyst Ratings


Related Articles (VIP)

View Comments and Join the Discussion!

Get Benzinga's Newsletters