Several investment houses have given the company favorable recommendations, in part because of its plans for Nasdaq offering at a value of $350-400 million.
Scope Metal Trading and Technical Services Ltd. (TASE: SCOP) will buy back NIS 309 million worth of company shares in trades on the Tel Aviv Stock Exchange (TASE). The company said that the shares bought back would become dormant shares. The share rose 3.8% in morning trading on the news.
A number of investment houses have given Scope Metal favorable recommendations, in part because of the company’s plans for an offering on Nasdaq at a value of $350-400 million. The company filed an non-public prospectus with the US Securities and Exchange Commission (SEC) last month.
IBI Investment House Ltd. subsequently raised its target price for Scope Metal to NIS 130, saying that the offering would lower the company’s net financial debt, which totaled NIS 540 million at the end of March.
Poalim Sahar has initiated coverage of the company with a “Buy” recommendation and target price of NIS 135.
Published by Globes [online], Israel business news - www.globes.co.il - on August 2, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007