(CercleFinance.com) – Continental is selling almost 2% to Frankfurt, while Stifel announced today that it is reducing its price target on the share, from 95 to 91 euros, in the wake of a reduction in its estimates for the tire activity of the German group.
In view of the latest quarterly, the broker nevertheless thinks that the margin of the automotive technology activity ‘could decline in the third quarter and enter positive territory for the first time after five consecutive quarters’. The analyst also retains his ‘buy’ recommendation on the stock.
Due to the market’s pessimism regarding this activity, ‘coupled with a valuation that effectively only reflects the tire business and offers a free option on the automotive business’, Stifel claims to see an attractive entry point on the file.
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