Continental: shares rise after double upgrade
(CercleFinance.com) - Shares in Continental are up nearly 3% at 228 euros on Tuesday, helped by a double upgrade from Morgan Stanley in the wake of the strategic review the group announced in January.
Not only the US broker raised its rating on the German auto parts maker from "equal weight" to "overweight," but it also lifted its target price on the stock, from 235 euros to 245 euros.
In a research note to clients, Morgan Stanley said it is now more positive on growth in tyre sales, as Conti aims to feature as a top-3 global player by 2025, with a cash contribution from the auto business, excluding the powertrain division.
The broker even goes so far as to see a bull case for the stock with a target price of even 325 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Not only the US broker raised its rating on the German auto parts maker from "equal weight" to "overweight," but it also lifted its target price on the stock, from 235 euros to 245 euros.
In a research note to clients, Morgan Stanley said it is now more positive on growth in tyre sales, as Conti aims to feature as a top-3 global player by 2025, with a cash contribution from the auto business, excluding the powertrain division.
The broker even goes so far as to see a bull case for the stock with a target price of even 325 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.