Continental: Invest Securities downgrades stock
(CercleFinance.com) - Invest Securities has downgraded Continental shares from "buy" to "neutral", while reducing its target price for them from E86 to E84 (cp: E77.
4, -1%), with the broker deeming Q4 as just satisfactory.
The group's 2023 guidance is favourable in a "relaxed" environment, with higher-than-expected margin guidance in Auto, helped by growth of over 7% and the turnaround of ContiTech, the analyst said.
Invest Securities adds that its "already optimistic" 22/23/24 guidance has been revised by -15.5%/-6%/-7.2% respectively, resulting in 2023/24 guidance of +28.4%/+18.3%, therefore reflecting the turnaround in Auto and at ContiTech, albeit with higher financial charges.
Copyright (c) 2023 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.
4, -1%), with the broker deeming Q4 as just satisfactory.
The group's 2023 guidance is favourable in a "relaxed" environment, with higher-than-expected margin guidance in Auto, helped by growth of over 7% and the turnaround of ContiTech, the analyst said.
Invest Securities adds that its "already optimistic" 22/23/24 guidance has been revised by -15.5%/-6%/-7.2% respectively, resulting in 2023/24 guidance of +28.4%/+18.3%, therefore reflecting the turnaround in Auto and at ContiTech, albeit with higher financial charges.
Copyright (c) 2023 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.