Vienna Stock Exchange: Winners and Losers (2012-01-26)

Espirito Santo reduced the price target for Telekom Austria from € 13.50 to € 11.50. The “Buy” rating was reiterated at “Buy”.

Commerzbank retained the “Buy” recommendation for Andritz. The target price moves from € 76.00 to € 80.00.

JPMorgan confirmed Raiffeisen Bank International at Overweight and said it likes the progress that RZB made in generating funds. RBI has a capital shortfall of € 2.1bn which has to be covered by June 2012. Nevertheless, € 1.4bn already could be achieved. Further € 1.6bn are expected. Above all, RBI reduces risky assets apart from its core markets. “In total, there is a positive development, which proves that RBI achieves its plans and reduces risk of a capital increase.” The capital shortfall is not fully covered yet, but JP Morgan is optimistic that RBI will achieve that aim.

Erste Group keeps the “Accumulate” recommendation for Palfinger. The price target of € 17.20 has been raised to € 18.10. For the financial year 2011, Erste Group lowered the expected EPS to € 1.12. For 2012, analysts expect EPS of € 1.15 (€ 1.62 for 2013). Current dividend estimations amount to € 0.35 for 2011, € 0.35 for 2012 and € 0.49 for 2013.

Goldman Sachs raised Agrana´s target price from € 94.20 to € 106.10. The “Buy” recommendation has been confirmed. “The market still underestimates the influence by the sugar price on Agrana.”, the analyst wrote. For the financial year 2011/12, expected EPS amount to € 11.43 (after € 8.53). For 2012/13, expected EPS increased from € 9.12 to € 10.84.