Given Trades at Premium on Target Boost: Israel Overnight

Given Imaging Ltd., the Israeli maker of swallowable cameras, surged to a two-year high in New York to trade at a premium to its Tel Aviv shares as Maxim Group LLC raised its stock-price estimate.

The Yokneam, Israel-based company jumped 3.4 percent yesterday to $20.97, or 74.28 shekels, to trade at a 43-cent premium to its stock in Tel Aviv. The shares led gains on the Bloomberg Israel-US Equity Index of the most-traded companies in the U.S., which rose 0.7 percent to 100.69. Allot Communications Ltd. had the largest discount versus its Tel Aviv stock among dual-listed companies.

Bryan Brokmeier, an analyst at Maxim, raised his estimate for Given by 17 percent to $27 and expects U.S. approval for the PillCam Colon 2 in November. He’s ranked first among the six analysts covering Given after his recommendations produced the best relative returns, data compiled by Bloomberg show. The stock will rise 27 percent to $26.67 in the next 12 months, the highest target since 2008, according to the average estimate of three analysts surveyed by Bloomberg.

Dual-listed Arbitrages:

Tel Aviv stocks trading at the largest premium versus New York (in shekels):

ALLT IT    1.03
FORT IT    0.81
EZCH IT    0.47
PERI IT    0.47
SPNS IT    0.41

Tel Aviv stocks trading at the largest discount versus New York (in shekels):

PRGO IT    -2.38
GIVN IT    -1.53
TISA IT    -1.33
IGLD IT    -1.15
NICE IT    -0.88
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