Deutsche Bank Downgrades VimpelCom (VIP) to Hold; Valuation Call

Deutsche Bank downgraded VimpelCom (NYSE: VIP) from Buy to Hold with a price target raised to $11.10.

Deutsche analyst said, "VimpelCom's shares have gained 59% since the trough in early June (after the board postponed dividend payment due to Russian court injunctions). We believe the strong performance reflects expectations of a resolution to the Altimo/Telenor conflict and improvement in governance following the exit of Weather in mid-August, as well as 2Q results coming in ahead of consensus. There are some triggers left (e.g. a resolution in Algeria), but the stock is now trading in line with peers."

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

Shares of VimpelCom closed at $11.53 yesterday.

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