(CercleFinance.com) – Jefferies downgrades its recommendation on PostNL from ‘buy’ to ‘hold’ with a price target reduced from 3.5 to 2.5 euros, in a joint note on the Dutch postal operator and its peer Belgian bpost.
‘Benelux posts have provided mixed messages on the impact of inflation and weaker consumer spending’, notes the broker, which points to declines in operating profits in the first half of 21% at bpost and 78% at PostNL.
‘bpost now sees reduced downside risk on its targets, while PostNL has lowered its own by 16%’, continues Jefferies, who sees for the second ‘a broader impact of slower growth in parcel volume and costs fuel and growing personnel.
Copyright © 2022 CercleFinance.com. All rights reserved.
The information and analyzes disseminated by Cercle Finance only constitute a decision-making aid for investors. The responsibility of Cercle Finance cannot be held directly or indirectly following the use of information and analyzes by readers. It is recommended that any uninformed person consult a professional adviser before any investment. This indicative information does not in any way constitute an incitement to sell or a solicitation to buy.
Did you like this article ? Share it with your friends with the buttons below.
