NEW YORK: Goldman Sachs analysts upgraded shares of Technicolor from neutral to buy last Friday, according to published reports. Goldman Sachs analysts were said to boost Technicolor’s rating based on recent underperformance, which in turn invigorated shares of the French broadcast equipment vendor. Technicolor’s American Deposit Receipts (NYSE: TCH) went from around $5.40 on Wednesday, spiking briefly above $6 on Friday and settling at around $5.69 today.
Shares remain down year-to-date by nearly 60 percent, but Technicolor’s third-quarter results weighed favorably with Goldman Sachs. Third-quarter 2010 revenues were up nearly 13 percent to €906 million (US$1.2 billion in current exchange rates).
Technicolor emerged from bankruptcy protection earlier this year, renaming itself from Thomson SA. It agreed in July to sell its Grass Valley business division to a San Francisco private equity group for a $100 million binding offer. The transaction is expected to close by the end of this year.
-- Deborah D. McAdams
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