(News Bulletin 247) – Jefferies maintains its ‘underperformance’ opinion on Solvay, while raising its price target from 81 to 84 euros in the wake of EBITDA assumptions raised by 2% on average for the chemical group Belgian.
“The resilience of near-term earnings was supported by higher than expected net prices, but also by greater absorption of fixed costs and inventory build-up throughout the first quarter,” points out the broker.
Nonetheless, Jefferies continues to question the sustainability of these metrics and remains skeptical of the rationale for the targeted spin-off of the group, which is expected to close in December.
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