(CercleFinance.com) – Covestro lost more than 5% in Frankfurt, weighed down by comments from Stifel, which reaffirmed its advice to ‘hold’ with a price target reduced from 53 to 34 euros, in the wake of a significant reduction in its projections for the chemistry group in 2023.
At 1.3 billion euros, its EBITDA assumption is 26% lower than the consensus. Further pointing to the risk of a potential energy shortage in Europe, Stifel expects ‘negative news flow around the macro to weigh on valuation’ in the near term.
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