9 July 1998: Safei has increased its target price for Spain“s Cristaleria Espanola shares to between Pta 16,000 and Pta 16,500. Its previous target price for the stock, Pta 14,500, was set at the beg…
9 July 1998: Safei has increased its target price for Spain“s Cristaleria Espanola shares to between Pta 16,000 and Pta 16,500. Its previous target price for the stock, Pta 14,500, was set at the beginning of the year. According to a recent press report, the reason for the upgrade is the spectacular growth in the automotive sector and the 15% increase in the price of flat glass for construction in the first quarter. Cristaleria“s shares closed recently at Pta 15,200. They have risen 29.91% in the last twelve months, the report said. Safei said the increase in the flat glass price would boost the company“s sales by 2%. Given the 4% growth in the construction sector the impact on sales could by as much as 9%. In turn, the growth in the car industry could boost sales to the sector by 10%. Safei forecasts that the group“s attributable profits will rise by 10.7% this year to Pta 12.513 billion.