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Deutsche Bank Starts Kenon Holdings (KEN) at Hold

May 4, 2015 6:51 AM EDT
Get Alerts KEN Hot Sheet
Price: $26.66 +0.98%

Rating Summary:
    0 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Deutsche Bank initiated coverage on Kenon Holdings (NYSE: KEN) with a Hold rating and a price target of $24. Analyst Jonathan Arnold sees Qoros risk/reward as high.

"With an Eddie and Peggy already under coverage, we are initiating on Kenny (NYSE & TASE: KEN), definitely a unique and interesting kind of utility holding company. KEN owns 100% of IC Power, a fast-growing IPP developer with major presences in Peru and Israel, 50% of Qoros, a young Chinese auto manufacturer, 32% of shipping company ZIM, a 22.5% stake in TowerJazz and other interests. The bulk of the value resides in IC Power and we like its two major contracted growth projects, CdÁ and Samay. However, we remain on the sidelines with KEN as continued investment into Qoros, a high-risk/high-reward business, chips away at near-term value and cash flow," said Arnold.

For an analyst ratings summary and ratings history on Kenon Holdings click here. For more ratings news on Kenon Holdings click here.

Shares of Kenon Holdings closed at $21.80 yesterday.



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