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Nomura bumps price target on telecom top-two pick SoftBank

Published 07/07/2017, 01:02 PM
© Reuters. Nomura bumps price target on telecom top-two pick SoftBank
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  • SoftBank (OTCPK:SFTBY) has a higher target price from Nomura, in large part due to strength at a pair of its key holdings, Alibaba (NYSE:BABA) and Sprint.
  • The firm had already revised its earnings forecasts for Alibaba and Sprint in the past few weeks, and using a sum-of-the-parts approach, is now raising its SoftBank target price to ¥12,770 from ¥11,550.
  • That implies 43% upside from today's Tokyo close of ¥8,934. SoftBank is down 0.4% on OTC markets so far today.
  • "We think that since its acquisition of ARM Holdings (LON:ARM), SoftBank Group has transformed into a company that is capable of accelerating technological evolution on a global scale and that is positioned to reap the benefits of these changes," Nomura writes. "The share price still looks low to us and we maintain our Buy rating on the stock as one of our two top picks in the telecom sector."
  • Now read: Nvidia: Why Institutionals Are Leaving


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