STOCKWATCH Sulzer up on strong full-year orders, positive outlook |
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Published
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Tue, 16 Jan 2007 11:32
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ZURICH (AFX) - Shares in Sulzer AG moved higher in morning trade after the Swiss engineering group said full-year orders rose by 24.4 pct to 3.277 bln sfr and issued a positive outlook for 2007, analysts said.At 11.05 am, Sulzer traded 51 sfr or 3.3 pct higher at 1,615, while the Swiss Performance Index was 3.55 points up at 7,191.72.'Sulzer reported strong new orders, even though the figure were slightly short of expectations,' bank Rahn & Bodmer said.Other banks said today's figures were 'in-line with expectation' with Zuricher Kantonalbank saying that Sulzer's turbo services division results were a positive surprise.The stock has been on the rise for the last seven trading days, boasting a 17 pct rise in 2007 so far.Analysts agree that the significant price hike is largely due to market rumours that OC Oerlikon is eyeing Sulzer as a potential takeover target.However, today's strong results and positive outlook lend the stock further strength, they added.Earlier today Sulzer reported that full-year orders rose by 24.4 pct to 3.277 bln sfr, citing growth in all divisions.For 2007, Sulzer expects the positive trend to continue, although growth rates will decline due to the base effect, the Swiss engineering group said.'The available projections for the main segments of oil and gas, power generation, aerospace and general industries continue to be promising,' Sulzer said.afx.zurich@afxnews.comjmt/gpCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Sulzer FY new orders 3.277 bln sfr vs 2.635 bln, positive outlook UPDATE 