WARSAW (Thomson Financial) - (31 EUR, 0,23%) Wholesale Banking has cut its recommendation for Polish biopharmaceutical company (1 PLN, -0,83%) to 'hold' from 'buy', saying its 2007 forecasts appear unrealistic.
lowered its target price for the stock to 1.23 zlotys from 2.55 zloty. closed down 1.63 pct at 1.21 zlotys yesterday.
"After a disappointing performance year-to-date, Bioton's present valuation appears to adequately reflect the balance of risks and opportunities ahead,"ING analyst Bartosz Orzechowski said in a report dated Sept 25.
said Bioton's plan to earn 130 mln zlotys on 350 mln in revenues this year "appears unrealistic", but the second half of 2007 should show an improvement thanks to company's stable position on Poland's insulin market and new contracts in Russia and the Ukraine.