Allot Advances as RBC Capital Says Company Is Merger Ready
The shares gained 2.6 percent to 65.28 shekels, or the equivalent of $17.42, at the 4:30 close in Tel Aviv after rising as much as 5.4 percent earlier in the day. The U.S.-traded shares (ALLT) rose 4.7 percent to $17.73 yesterday and fell 0.7 percent to $17.61 at 5:52 p.m. in Tel Aviv.
“The company’s strong balance sheet should now be sufficient to adequately support strategic mergers and acquisitions that can broaden the company’s offering,” Daniel Meron, an analyst at RBC in Tel Aviv, wrote in an e-mailed report yesterday.
Allot shares will probably rise to $20 in the next 12 months, up from a previous estimate of $18, RBC said.
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