Lehman Bros ups Softbank target to Y50,000/share
TOKYO, July 21 (Reuters) - Lehman Brothers said on Wednesday it had raised its 12-month target for Softbank Corp's share price to 50,000 yen from the target of 41,600 yen set on June 7.
Softbank's Internet-related agreements and investments announced since early July, such as deals with NASDAQ, News Corp , Vivendi and Tradescape.com, will help increase its stock value, analyst Ravi Sarathy said in a statement.
Sarathy also cited Softbank's strategy of shedding non-Internet assets and its listing of several affiliates over the last five weeks, including Pasona Softbank , BackWeb (Nasdaq:BWEB), Interliant (Nasdaq:INIT) and E-Loan Inc, as reasons for raising the target price.
Three or four more Softbank affiliates are expected to go public by the end of this year, Sarathy added.
(Note: this article is ''in progress''; there will likely be an update soon.) |
