Citi Raises Price Target On NII Holdings (NIHD)

Citi Investment Research is raising its price target on shares of NII Holdings, Inc. NIHD to $55 from $50, and keeping its Buy/High Risk rating, after company management went on a roadshow in Europe. In the research note, Citi writes, "NII's balance sheet is suitably funded (Net debt/FY12 EBITDA 0.5x) but see no capital returns or acquisitions before 2013. We do not expect NII to sell a stake in its Brazilian unit near-term, though DirecTV and GVT could be buyers on an 18 month view. We view inclusion in the stock's inclusion in the MSCI Latam index as potential in 2011, driving a re-rating and lowering short-term volatility." Shares of NII lost 6 cents yesterday to close at $41.71.