(News Bulletin 247) – Jefferies downgrades its recommendation on Deutsche Boerse from ‘buy’ to ‘hold’ with a price target reduced from 210 to 190 euros, and a reduction from 0 to 1% of its EPS estimates for 2023 and 2024 for the German scholarship group.
“The VA consensus has moved slightly beyond the upper end of the 2023 EBITDA target range, which we believe is reasonable,” the brokerage says in its note summary.
However, Jefferies considers that consensus hikes for 2024 and 2025 linked to the evolution of rates ‘leave expectations appear more extended’, thus implying greater risks.
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