RBS ramps up view
Shares in telecoms-to-retail group Carphone Warehouse rise as much as 8 percent, helped higher after analysts at RBS up their rating on the stock to 'buy' from 'hold', ramp up their price target on the stock to 230 pence from 114 pence and lift their 2011 earnings forecast 38 percent.
RBS says Carphone's acquisition of Tiscali UK has improved its market position and consequently its bargaining power.
'With roughly the same number of subscribers as BT, CPW now has more leverage in negotiating the price of access to BT's planned fibre network,' RBS analysts write, adding that Tiscali's TV service could also improve the competitiveness of its Talk Talk unit should Carphone exploit it.
They also point to a receding earnings risk for its new Best Buy Europe electrical stores joint venture given an improving market for mid-tier handsets and falling rents on retail space.
'At the current price, we estimate the shares reflect almost no value for the retail business, which we value at 72p,' RBS says, adding that the risk company co-founder David Ross will offload much more of his stake may have receded
www.finanznachrichten.de/...se-leaps-rbs-ramps-up-view-020.htm
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