CTS Shrugs Off Second Attack

CTS Eventim looks to have shrugged off a second negative report on the company from leading German financial analysts SES Research.

On July 10 SES published a 51-page report headed "The Completely Wrong Price," which advised that CTS shares were a "sell" because they were trading at about double what it believed them to be worth.

It prompted investors to dump their stock and take their profit as the price dropped 25 percent (euro 36.28 to 26.55).

Although CTS legal and communications chief Rainer Appel claimed the SES report is "misleading in various respects and arrives at conclusions that are, to say the very least, objectionable," it didn’t prevent the same analysts from giving the company another savaging two months later.

The stock had recovered to euro 30 and, although the second report pushed it back down to a little less than euro 25, it turned out to be no more than a temporary blip and the price soon returned to euro 31.28 at close of business October 31.