Terence Flynn, a Goldman Sachs analyst rated Repligen Corporation (NASDAQ:RGEN) with a Buy rating and raised the price target by 9% to $215 saying that the strong launch of Eylea drove the company toward profitability but YTD shares have underperformed majorly because of potential competitive threat from AGN’s DARPin.
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Shares jumped by 5 cents or 0.58% to $8.65 in the afternoon session.
The consideration of Telecom Italia SpA as Italy’s to combine with Hutchison Whampoa Ltd. (13) promotes Telefonica S.A. (ADR) (NYSE:TEF) to take a willing exit from its six-year investment in the same.
The failure of the carriers to generate synergies over the years forces Telefonica to sale of its indirect 10.5% stake in the company and it has lost more than 1 billion euros since the initial 2007 investment based on the holding’s market value of 1.2 billion euros or $1.6 billion.
Luis Benguerel, an equity trader at Interbrokers in Barcelona said that the huge amount of debt hold by Telecom Italia would make it difficult for Telefonica or Telco to find a serious buyer willing to purchase their stake in the same.
In February, Telco wrote down the value of the stake by about $1.2 billion, to 1.20 euros a share from 1.50 euros.
Il Messaggero reported today that Hutchison Whampoa might want as much as 29.9% of Telecom Italia at no more than 1.20 euros a share.
In an e-mail Hutchison confirmed of having preliminary exploratory contacts between Telecom Italia SpA (TIT) and 3 Italia SpA as to possible business combinations between them.
