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/ .* / 2005-03-10 09:39
Deutsche Bank initiated coverage of oil group MOL and chemicals group BorsodChem with a “Buy" recommendation, and drugs firm Richter Gedeon with a “Hold" rating, the bank's Warsaw-based analyst Gergely Várkonyi said in three separate reports.Várkonyi set a price target of HUF 19,000 for MOL shares. “Notwithstanding its recent strong performance, the stock is still cheap both in a historical context or relative to peers," he said.In his view, the current valuation and consensus infer a relatively rapid return to a ‘normalised' environment and thus discount last year as only a little less than exceptional.Várkonyi also said that MOL invetors could have exposure to strong fundamentals through one of the strongest players in the region. “Risks to our call include the typically not too high visibility of oils macro factors, to which the stock price is likely to remain leveraged."