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Investing.com - Jefferies upgraded International Container Terminal Services (ICT:PM) (OTC:ICTEF) from Hold to Buy on Tuesday, while raising its price target to PHP560.00 from PHP400.00, representing a 40% increase.
The upgrade comes as Jefferies turns optimistic about potential outcomes from negotiations over a free trade agreement between the United States and Mexico, which could benefit the port operator’s business.
Jefferies believes the risk-reward profile for International Container Terminal Services is favorable, noting there appears to be minimal downside from current levels even if more protectionist U.S. policies were to prevail.
Despite International Container Terminal Services shares outperforming the Philippine Composite Index (PCOMP) by 28% year-to-date, Jefferies points out the company’s valuation at 9x FY26E EV/EBITDA remains below both peer median and its historical average of 11x.
The firm’s new price target of PHP560.00 reflects its more positive outlook on the company’s growth prospects amid potential trade developments between two key markets.
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