News Parkiet

Equity markets

CSFB cuts Opoczno's target price

Shares of Opoczno SA, Poland's biggest ceramic tile maker tumbled after one analyst cut its rating on the company a day after it reported lower than expected second-quarter earnings. Opoczno fell 7.4 percent to close at 46 zloty, the lowest since its IPO two months ago.

Credit Suisse First Boston analyst Roger Collison cut his rating on the stock from outperform to neutral. His new target price for Opoczno is 47.5 zloty, some 30 percent below previous target price of PLN 68 in a report issued only a few days ago.

Power industry

Elektrim has just 3 percent of ZE PAK, source says

Polish telecommunications and power industry group Elektrim SA has just 3 percent of ZE PAK power plant left, sources told PARKIET last week. Elektrim's main shareholder, Polish media magnate Zygmunt Solorz-Żak seized Elektrim's holding company that controlled nearly 40 percent of ZE PAK in a controversial deal earlier this month. Polish Treasury Ministry keeps mum about the deal. Elektrim promised in a privatization deal several years ago it would hold on to its stake in ZE PAK until it the plant's expansion is complete. Meanwhile, trade unions at ZE PAK say workers at the plant are upset they want to know more about the deal.