HSBC analyst Christopher Johnen upgraded Naspers to Buy from Hold with a price target of ZAR 4,100, up from ZAR 3,600. The analyst says the unwinding of the cross-holding structure “is an important step to simplify the investment case.” It increases credibility on plan execution, as the first step of the “show me” story on simplification and value crystallization, the analyst tells investors in a research note.
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