The bank raised its recommendation to “Market perform” and raised its target price to NIS 26.
Bank Hapoalim has raised its recommendation for agrochemical maker Makhteshim Agan Industries Ltd. (TASE: MAIN) to “Market perform” from “Under perform”, and raised its target price by NIS 6 to NIS 26. Makhteshim Agan is a sub-subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH).
The bank upgraded its recommendation for Makhteshim Agan because of a 27% rise in grain prices during the fourth quarter of 2006, making planting more worthwhile and therefore increasing demand for the company’s products. Makhteshim Agan is a global leader in the recovering agrochemicals market.
Bank Hapoalim, like other investment houses, favorably views the appointment of Makhteshim Agan chairman Avraham Bigger as CEO of the company as well. Earlier this month, Merrill Lynch upped its recommendation for the company to “Buy” from “neutral”, and Citigroup initiated coverage with a “Buy” recommendation.
Published by Globes [online], Israel business news - www.globes.co.il - on January 16, 2007
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