COPEL - ADR (ELP)
by Zacks Equity ResearchOctober 11, 2010 | Comments : 0 Recommended this article: (0)
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We are concerned about the political influence on COPEL's affairs. The government of the State of Parana owns 58.6% of the company's outstanding voting shares, which gives it the power to control the election of the majority of the company's Board of Directors and appoint senior management.
Thus expecting any positive share driving catalysts, we downgrade our recommendation on the ADR to Underperform from Neutral. Our $22.00 target price is based on 11.1X 2010 earnings per ADR.
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