September 7 (SeeNews) - Austria's Raiffeisen Centrobank (RCB) on Monday said it kep it "buy" recommendation on the stock of Croatian blue-chip telecommunications company T-HT, majority-owned by Deutsche Telekom, but cut its 12-month target price by 3.2%.
"We continue to have a positive stance on the T-Hrvatski Telekom (T-HT) stock despite the worsened outlook related to the new government measures, which aim to tackle the increasing budget deficit. In our opinion, both valuation and the expected dividend yield remain appealing, while a possible share buyback can serve as a stock catalyst," RCB said in a statement.
“We have reduced our 12-month cum dividend price target from 292 kuna to 283 kuna ($55.4/38.6 euro) mainly due to assumed 6.0% fees on 70% of mobile revenues until the end of full year 2011,” RCB added.
T-HT shares last traded up 0.07% at 227.06 kuna by 1502 local time on Monday on the Zagreb Stock Exchange.
(1 euro = 7.334 Croatian kuna)