Tamburi Investment Partners: Kepler Cheuvreux cuts to "hold"

Tamburi Investment Partners

21/01/2020 08:28

** Kepler Cheuvreux cuts Tamburi Investment Partners (TIP)
 TIP.MI  to "hold" from "buy" and increases its target price to
7.30 euros from 6.90 euros, in line with the stock price
    ** According to the broker, while the downside risk is
limited for the Italian merchant bank, its current stock price
offers less upside
    ** The stock is still relatively cheap compared with TIP's
internal medium-term intrinsic value of 8.20 euros but the
discount (currently around 12%) is approaching lows of 7-8%
touched in September 2018
    ** "While TIP will continue to be supported by the ongoing
buyback and we remain confident about new investment
opportunities, we believe that after the strong stock
performance, the upside is limited," Kepler says

 ((r.plantera@thomsonreuters.com))