Afrinvest Keeps FBN Holdings on Hold amidst Price Recovery
Afrinvest Capital Limited has kept FBN Holdings Plc shares trading on hold due to relatively tiny upside potential amidst price recovery seen in the local bourse recently.
FBN Holdings share price surged significantly after the group announced decision to divest its merchant banking business to a newly incorporated company –EverQuest Acquisition LLP.
In its stock market recommendation for the week, Afrinvest increased FBN Holdings 12 month’s price target slightly to N29.67 per share from N28.70.
The financial stock gained momentum from N20 to reach N29 at the weekend due to improved sentiment spurred divestment decision.
Though FBN Holdings is still trading at steep discount to its 52 week high, the price recovery is positive to its right and public offers pricing, according to analysts.
The investment firm estimated 2.3% upside for FBN Holdings Plc having gained more than 23% from the beginning of the year to date in the stock market. Last week, FBN Holdings market value surged by 31.5% week on week. # Afrinvest Keeps FBN Holdings on Hold amidst Price Recovery
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