Given Trades at Premium on Target Boost: Israel OvernightMatthew Kanterman
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.
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