Imerys: falls sharply after downgrade

(CercleFinance.com) - Imerys posted the biggest drop in the SBF 120 index on Friday morning in Paris, following Berenberg's downgrade, justified by a lack of catalysts.


Indeed, the broker downgraded the minerals for industry specialist's share to 'hold' (from 'buy'), with a target price slashed from E45 to E32, now representing just 16% upside potential.

Despite the disposal of its assets dedicated to the paper market, solid Q3 results and progress in resolving the talc case in the US, the share price has struggled to recover, the broker notes.

On the one hand, we don't think the stock is expensive, and we expect a resilient performance in Q4, it moderates.

On the other hand, Berenberg also expresses concern about the lack of catalysts likely to support the stock, and the absence of a recovery in the high-purity quartz business.

Following these comments, Imerys shares were down nearly 2% in early trading on Friday, returning to lowest level since end-2023.


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