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Dufry: MainFirst raises from 'sell' to 'hold'

( - MainFirst upgraded Swiss travel retailer Dufry to "hold" from "sell" on Wednesday, raising its price target to 30 Swiss francs from 24 Swiss francs on the group's recent partnership with Alibaba.

The joint venture with the Chinese e-commerce giant is another "positive surprise" and a "game changing" deal, the analyst wrote in a note to clients.

Alibaba's and Advent's commitments to buy shares as part of the planned capital increase also mean that Dufry will soon have two new, cash rich shareholders, adding more stability and meaningful growth potential, particularly in Asia, it added in the report.

With this new situation, MainFirst said it now includes a "material contribution" from new income from associates and Alibaba's commitment.

Shares of the Basel-based company rose more than 5% in early afternoon trade on the SIX Swiss Stock Exchange.

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