Schroder rates Budimex 'outperform, high risk'

By : Reuters

   Schroder Salomon Smith Barney on Friday initiated coverage of leading builder Budimex with an "outperform, high risk" rating, setting a target price for the stock at zl. 23.5 per share. Shares in Budimex, which is controlled by Spain's Ferrovial, were at zl. 18.5 zlotys in early trade on Friday.

   "The market currently fails to discount Budimex's restructuring efforts, which should lead to increased profitability and a higher value of the business," the London-based investment bank said in a report.