Jefferies starts 'undervalued' TKH with 'buy', shares rise

** Shares in TKH TWEKA rise 3.3% after Jefferies initiates the Dutch technology company with a "buy" rating and 56 euro ($60.58) target price

** "We believe TKH Group is an undervalued technology conglomerate", the broker said in a note

** Jefferies believes the group's further divestment of non-core activities, and progress towards its goal of a 17% EBITA margin will partly reduce its 42% conglomerate discount already in the second half of 2024

** The new TP implies a 36% upside to the stock's last closing price

($1 = 0.9245 euros)