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MTN Price Estimate Raised to 165 Rand at Macquarie

MTN Group Ltd., Africa’s largest mobile-phone company, had its 12-month price estimate raised 14 percent to 165 rand a share by Macquarie Group Ltd. analyst Martin Dullaart.

“We have lowered our full-year capital expenditure forecast to about 18 billion rand ($2.6 billion) compared with management guidance of 21 billion rand,” Johannesburg-based Dullaart wrote in an e-mailed note to clients today. “We now expect free cash flow of 9.40 rand a share for fiscal 2010, up six-fold on 2009,” Dullaart said, maintaining his “outperform” recommendation.

MTN shares climbed as much as 0.8 percent to 134.28 rand before trading 0.3 percent lower at 132.87 as of 10:28 a.m. in Johannesburg.

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