Dresdner Kleinwort Wasserstein ups Pilkington (PILK.LN) to hold from sell, raises target price to 163p from 140p due to ongoing takeover discussions and following a sector re-rating.
Factors in an 80% chance of a deal being struck with NSG (5202.TO) at a strongly suggested 165p level. "We have a new non-deal target price of 156p and a new takeout price of 185p suggesting that Pilkington could be well be sold too cheaply, giving an effective free option on the takeout." Shares trade +0.5% at 157.75.