reports
- Kurthan Atmaca
Smartiks Yazılım (SMART TI) - Time to take breather: Downgrading to ...
Despite in-line 3Q19 results, the stock has rallied 65% (vs BIST-100 of 2%) since the quarterly results announced on 7 November. The nominal return reached 85.8% (vs BIST-100 of 12%) in the last three months. After the recent rally, we find the stock fairly valued and therefore downgrade to HOLD from Buy. We pencil in minor changes to our estimates, which does not necessitate a revision in our DCF-based TP. As there is no upside left to our TP of TRY4.49, we downgrade our rating to HOLD from Bu...
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