Covestro: Stifel raises target price
(CercleFinance.com) - Stifel reinstates its "buy" recommendation on Covestro shares, having increased its target price for them from 70 euros to 78 euros, following higher estimates, so as to reflect the "ongoing positive earnings momentum" for the German chemical materials group.
The broker expects EBITDA to reach 3.3 billion euros in 2021, above the group's own guidance range. It welcomes its mid-cycle EBITDA guidance of 2.8 billion euros in 2024, although says that it is a little more cautious for that year, with 2.6 billion euros.
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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.
The broker expects EBITDA to reach 3.3 billion euros in 2021, above the group's own guidance range. It welcomes its mid-cycle EBITDA guidance of 2.8 billion euros in 2024, although says that it is a little more cautious for that year, with 2.6 billion euros.
Copyright (c) 2021 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.