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Vitro: Deutsche Bank starts coverage of glassworks with underperform rating

Deutsche Bank said it initiated coverage of Mexican glassmaker Vitro with an underperform rating and a target price of US$ 3.25 by year-end 2001.
“We are taking a “wait-and-see“ attitude towards Vi…

Deutsche Bank said it initiated coverage of Mexican glassmaker Vitro with an underperform rating and a target price of US$ 3.25 by year-end 2001. “We are taking a “wait-and-see“ attitude towards Vitro“s actions to reduce net debt by around US$ 25 milion in 2000 and 2001,” said a report by analyst Jorge M. Beristain. The report added Vitro“s shares have “significantly underperformed” the local index over the past few years and are down 45% year-to-date and 49% off their 52-week high of US$ 5.88, reached on December 17, 1999. Vitro A shares on the local market closed at PSo 9.48 recently and its ADRs, or American Depositary Receipts, finished at US$ 3 on Wall Street.

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