Fraport: Commerzbank cuts target price, maintains 'hold'.
(CercleFinance.com) - Commerzbank has cut its target price for the German airport operator Fraport stock from 85 euros to 81 euros, while maintaining a "hold" rating on the shares.
While third-quarter Ebitda looked solid at first glance, beating the consensus by 3%, retail was disappointing, the German bank said, pointing out that business in Germany was down 11% year-on-year.
While Commerzbank says it does not see any risk in the group's guidance for the current year, it notes that share's valuation is now rich.
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