Bloomberg News

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

March 15, 2012

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


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