The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1752 GMT – TUI AG’s shares show valuation upside since its rights issue derating with the current level appearing reasonable, says Citi in a note upgrading the stock to neutral from sell. The reasons for the German travel group’s sharp derating were likely more technical than fundamental, Citi says. “The volatile and uncertain economic outlook combined with the recent share price performance driven by the rights issue dynamics also to some extent highlights the limited institutional investor interest,” say analysts Leo Carrington and Daniela Riu. Citi cuts its target price to 750 pence from 813 pence. London-listed shares topped the FTSE 250 on Thursday and closed up 12% at 624 pence, after the tour-operator’s Easter update and positive outlook for the summer. YTD, shares are down 12%. (elena.vardon@wsj.com)
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