VEON Ltd (VEON) PT Raised to $56 at Benchmark

Benchmark analyst Matt Harrigan raised the price target on VEON Ltd (NASDAQ: VEON) to $56.00 (from $48.00) while maintaining a Buy rating.

The analyst commented, "We are increasing our price target on BUY-rated VEON to $56 from $48 and continue to regard the now Dubai headquartered company as a top frontier markets mobile play. We regard any interim settlement in the Ukrainian conflict as a likely positive for VEON and its Ukrainian Kyivstar business, its second largest national asset. Although Vladimir Putin’s long-term conduct remains uncertain, Kyivstar is a critical building block in what will be a long process in restoring Ukraine’s economy and any Ukrainian government has to remain attentive to the rights of rights of international investors even under what have been the most arduous circumstances. Benchmark estimates 100% owned Kyivstar constitutes ~28% of VEON's asset value (pre-HQ overhead). Earlier this January, VEON indicated its intent to enter into a business combination and indirectly list Kyivstar on the Nasdaq in New York after having signed a Letter of Intent with Cohen Circle Acquisition Corp., a special purpose acquisition company (Nasdaq: CCIRU, Not Rated). VEON’s Jazz operation in Pakistan is also a highly appealing prospective public listing given leadership in both mobile and fintech within that market."

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