Deutsche Bank Sees Buying Opportunity in Syngenta (SYT)
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Deutsche Bank maintained a Buy rating on Syngenta (NYSE: SYT) with a price target of CHF430. Analyst Virginie Boucher-Ferte said its deal with ChemChina is still likely to close, although in a worst case it could be delayed. Related weakness is seen as a "buying opportunity."
Earlier reports said ChemChina didn't meet deadlines in Europe for concessions.
"According to Bloomberg, the EU commented that they did not receive any concessions from ChemChina on the deal by Oct 21st which was the deadline to submit remedies. They EU decision deadline to approve the deal or require a phase II review is Oct 28th. We remain of the view that antitrust issues are not a 'deal breaker' in the ChemChina/Syngenta case and ultimately the deal will go through (worst case scenario with a delay) so we see the current share price weakness as a buying opportunity," said Boucher-Ferte.
The analyst sees three possible outcomes/scenarios after this phase I review -- no remedies needed, political pressures delaying the process, or ChemChina buying themselves more time to find financing (unlikely scenario).
Shares of Syngenta closed at $85.11 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Broadcom Ltd. (AVGO) to $207 Following 4Q Beat
- Pivotal Research Upgrades Flowers Foods (FLO) to Hold
- Broadcom (AVGO) PT Raised to $215 at Oppenheimer
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!