CTS Eventim initiated with "buy"

07.07.08 - Deutsche Bank

LONDON, July 7 (newratings.com) - Analyst Tim Rokossa of Deutsche Bank initiates coverage of CTS Eventim AG (EVD) with a "buy" rating. The target price is set to ?30.

In a research note published this morning, the analyst mentions that the company presents attractive growth opportunities, based on its collaboration with Live Nation and the increasing online penetration of tickets. CTS Eventim is likely to be able to generate sales CAGR at 8% during FY07-FY10, aided by a robust rise in profit margins, the analyst adds. The rising penetration of online tickets is expected to bolster the company?s margins going forward, Deutsche Bank says.