Buy recommendation good news for IN&M

SHAREHOLDERS in Irish Independent owners Independent News & Media attending the company’s AGM today, will be buoyed by Goodbody Stockbrokers buy recommendation for the beleaguered share.

However, Goodbody analyst Neil Clifford’s new 12-month price target of €1.70 a share will, if achieved, be far lower that the €2.15 the shares traded at a year ago today on June 6, 2002.

Mr Clifford said the good performance of Indo shares since their last buy recommendation show a 24% rise. However, the shares still lag behind their 2003 high of €1.65 on January 16, but up of their 2002 low of €1.18 on March 12.