Iona Technology shares re-rated upwards

IONA TECHNOLOGY shares were re-rated upwards by most stockbroking analysts yesterday following the company’s better than expected third quarter revenues of $17.4m.

Davy Stockbrokers analysts Barry Dixon and Richard Quinn were the most bullish and ended a detailed note to clients yesterday with the following: “Overall, the results show that the worst is over for Iona.

"We expect the share price to rise substantially to reflect IONA’s valuation levels relative to its peers, which trade at a significant premium to IONA.”