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MOSCOW, May 29. /ITAR-TASS/. US-based commercial bank Goldman Sachs has revised target prices of Global Depository Receipts (GDR) of two major Russian cellular operators, MTS and MegaFon, the bank said in a research note on Thursday.Goldman Sachs reduced the target price of MTS’ GDR by 6% to $24.9 that implies a potential growth by 35% from the current level of quotes.
The target price of MegaFon’s GDR was raised by 16% to $40.3 that implies a potential growth of 40%.
The recommendation for GDRs of the both operators was confirmed at “buy”.
MTS renders services in Russia, Belarus, Turkmenistan, and Ukraine. Vladimir Yevtushenkov’s multi-industry holding AFK Sistema owns 51.46% in MTS, while 48.54% are in a free float on the Moscow Exchange and the New York Stock Exchange.
Holding Garsdale, controlled by Alisher Usmanov’s USM Holdings, owns 50% plus 100 shares in MegaFon; Swedish-Finnish TeliaSonera company owns 25.17% in the operator; Megafon Investments Ltd., a 100%-owned unit of MegaFon, holds 7.57%. CEO Ivan Tavrin’s Anfimako Ltd. owns 2.50% in the operator, while 14.7% of shares are in a free float.