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Metro: Invest Securities cuts target price

( - In a report issued on Tuesday, Invest Securities has reduced its target price for Metro from 23.
5 euros to 22 euros, while maintaining its "buy" rating.

We were expecting the new Metro AG (WFS) to do better since the spin off from which it came, the broker says, which has found that it is Metro's core business that is disappointing, while the fears were about Ceconomy, the group's specialty retailing business.

Perhaps we were hoping for more in terms of strategic mobility, as Ceconomy has already shown, while Metro has not completed its structural transformation, Invest Securities repeats, for which "it becomes difficult to understand why the performances are so unequally distributed across different countries.

In the end, although the stock's profile enables investors to wait, they are currently fairly tired of it, the analyst who monitors the stock said.

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