First Berlin ER increases City Interactive share price target to PLN 372011-03-10

City Interactive last week reported results for 2010. The company posted strong Q4 and 2010 revenues, EBIT and FCF. We raise our price target from PLN 29 to PLN 37 due to improved EBIT margin assumptions in our forecast model. However, due to the recent share price appreciation, our valuation now implies a more limited upside over current trading levels. Accordingly, we adjust our rating on the stock from BUY to ADD...