US investment bank Citigroup has raised its rating on Seventh Continent to ‘hold’ from ‘sell’.
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The bank also raised its target price for Seventh Continent to US$31 from $24.
The bank’s analysts said they had made the move as the Russian retailer continues to open new stores, which should allow it to exceed its 2008 revenue expectations.
In a note, Citigroup’s analysts said: “Accelerated selling space expansion suggests that the retailer is likely to boost revenue growth in 2008 and exceed our previous revenue expectations for the year.”
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