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IP Group upgraded by Jefferies

25 May 2017 15:06

Jefferies has upgraded its recommendation on IP Group (LON:IPO) to buy (from (hold) now that the intellectual property commercialisation company announced its intention to raise gross proceeds of up to £200m via a share placing.

The broker said: "Our Hold rating for IP Group was based on the looming funding requirement (est. £100m in each of 17E, 18E) and 30% premium to NAV.

"Removing that funding issue at a stroke, and now at c.14% premium, we move to a Buy."

Jefferies added: "Before factoring in the probable, positive but still pending Touchstone deal we raise our PT to 175p (vs. 169p) based on a $3.5bn Oxford Nanopore valuation."

At 3:06pm: (LON:IPO) IP Group PLC share price was +2.55p at 143.75p

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