(News Bulletin 247) – Stifel announced on Tuesday that it had downgraded its recommendation on Stifel, returning from ‘buy’ to ‘hold’ with a target price, however, improved from 52.5 to 57 Swiss francs.
In a note released in the morning, the American bank said it expected “strong” first quarter results from the building materials manufacturer.
But the firm also says it sees limited upside potential in the short term due to the prospect of a coming recession, a scenario which it believes should be more beneficial to other players in the sector.
In the medium and long term, Stifel says he believes in a possible revaluation of the title, but warns that its extent will depend on the performance displayed by the group compared to its peers.
In conclusion, the bank believes it is time to take a break on the title while waiting to look again at the file in some time.
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