Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

CFR Pharmaceuticals Jumps on Higher Target Price: Santiago Mover

Feb. 5 (Bloomberg) -- CFR Pharmaceuticals SA, Chile’s largest drug developer, advanced to a two-week high after brokerage IM Trust SA raised its target price and said a takeover last year will bring higher-than-expected sales.

The stock jumped 1.6 percent to 125.99 pesos, the highest closing price since Jan. 22. The benchmark Ipsa index rose 0.4 percent.

Santiago-based CFR’s purchase in December of Laboratorio Franco Colombiano Lafrancol SAS, the largest laboratory in Colombia, could mean higher sales and revenue growth, according to IM Trust analyst Javier Gunther. Revenue may rise 49 percent this year to $851 million, the analyst estimated. Previously he had estimated 2013 revenue of $626 million.

“We liked that the investment was for a large and consolidated company in a strategic country, instead of many small companies with the difficulties of consolidations that it would have implied,” Gunther wrote today in a report.

CFR probably will make more acquisitions, Gunther wrote in the report. Santiago-based IM Trust raised its target price to 142 pesos from 136 pesos while maintaining the stock’s rating at buy.

To contact the reporter on this story: Danielle Verbrigghe in New York at dverbrigghe@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.