(News Bulletin 247) – Stifel raises its recommendation on Covestro directly from ‘sell’ to ‘buy’, with a price target raised from 34 to 66 euros, recognizing the materials chemistry group as ‘attractive as a target of’ acquisition’.
The broker clarified that its mid-cycle EBITDA assumption ‘takes into account headwinds related to higher energy costs in Europe and unfavorable supply-demand dynamics’.
‘We are refining our estimates without significant adjustments and remain cautious about the evolution of the underlying results’, specifies Stifel in the summary of its note on the German group.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
