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Rubis: Berenberg reduces target price

( - On Thursday Berenberg cut its target price for Rubis shares from 49 euros to 33 euros, while maintaining a buy recommendation on the stock (current price just shy of 26 euros, -1%).

In a report, the German broker acknowledges that the downstream oil specialist has had a difficult year in 2021, a phenomenon that it attributes to the difficulties encountered in Haiti and the surge in energy prices, which it believes could compromise its ability to make acquisitions.

However, Berenberg says that it expects the group's working capital to normalise over the next 12 months, just as its business should pick up, with external growth making a comeback.

The broker concludes that the share's currently low price could present a valuation opportunity.

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