ENIRO upgraded to "buy"

04/26/07 - Deutsche Bank

LONDON, April 26 (newratings.com) - Analyst Stefan Lycke of Deutsche Bank upgrades ENIRO AB (EN8) from "hold" to "buy," while raising his estimates for the company. The target price has been raised from SEK84 to SEK90.

In a research note published this morning, the analyst mentions that the company has reported its 1Q EBITDA short of the estimates and the consensus. ENIRO seems confident of meeting the previous guidance, despite disappointing results, the analyst says. The upgrade in rating and the upward revision in the target price reflect the possibility of revision in the earnings guidance and re-gearing going forward, Deutsche Bank adds. The EPS estimates for 2007, 2008 and 2009 have been raised by 3%, 1% and 3%, respectively.