Citigroup Said a ECI Telecom (ECIL) Takeover is Unlikely, But Says the Stock is Cheap
In a research report this morning on ECI Telecom Ltd (Nasdaq: ECIL), Citigroup said, regarding the Haaretz article suggesting possible purchase of ECI by ADC (Nasdaq: ADCT), takeover is very unlikely. The analyst said CFO Giora Bitan noted that Israeli financial news sources operate by less stringent standards when it comes to publishing.The firm still said the stock is trading at a very attractive valuation, with $250 million in cash and no debt. The firm said the stock is worth $11 per share using a "very conservative valuation calculation." The firm has a Buy rating on the stock.