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thyssenkrupp: Alphavalue upgrades to 'add'

( - On Tuesday Alphavalue upgraded its rating on German steel conglomerate thyssenkrupp from "sell" to "add," citing the company's improving results and prospects.

In a note to clients, the Parisian research house said that it has substantially increased its earnings estimates after a "sound" quarter and the current positive context in the steel market globally.

Improving results and a positive free cash flow also buy time for management to turn the group around, while more corporate action is expected, particularly concerning the European steel business, it wrote.

"On top of this, a degree of "fantasy" can also be expected for some of the group's side-businesses (e.g. electrolysers as key elements for the production of green hydrogen)," Alphavalue added, also raising its target price from 7.5 euros to 12.1 euros.

thyssenkrupp shares are currently up 1.2% in Frankfurt, compared to a 0.1% fall in Germany's blue-chip DAX index.

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