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Raiffeisen Centrobank maintained the "hold" recommendation for Transelectrica stock (BSE:TEL) despite a 7% increase in the target price from 13.7 RON/share to 14.7 RON/share. TEL shares are currently traded for 13.3 RON/share, by 11% below the target set by Raiffeisen analysts, which gives the company a market value of nearly 977 million RON. Raiffeisen also calculated a medium volatility risk for TEL stock.
Transelectrica, Romania"s electric energy carrier, concluded the first quarter with a net profit of 47.25 million RON, down by 42% from the corresponding period of 2008. Transelectrica shares are traded on the Bucharest Stock Exchange Tier 1 under the ticker TEL since 29 August 2006. The company has a share capital of 773.03 million RON divided into shares with a face value of 10 lei. The Ministry of Economy is the majority shareholder with 73.7%, followed by Fondul Proprietatea with 13.5%.
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