Transneft Falls 1st Day in 6 as Credit Suisse Cuts Target

OAO Transneft (TRNFP) fell for the first time in six days as Credit Suisse Group AG cut its price target, saying investors are “overly optimistic” a stake in the state- owned pipeline monopoly will be sold and dividends increased.

The preferred shares slumped 4 percent to 55,697 rubles at the close in Moscow, paring a 16 percent advance since March 6.

Credit Suisse cut its price target 23 percent to 31,633 rubles and reiterated an underperform rating, Anton Rozanov wrote in an e-mailed note today.

To contact the editor responsible for this story: Alex Nicholson at anicholson6@bloomberg.net