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thyssenkrupp: BarCap cuts target price.

(CercleFinance.com) - Barclays Capital, which has an "underweight" rating on thyssenkrupp shares, has trimmed its target price on the stock from 21 euros to 20 euros, saying that the separation of the steel unit could prove to have a negative impact in early 2018.

In a research note, BarCap says it sees "significant misperceptions" about the value that could be created by separating the European steel business.

Also, the broker continues to believe that the market is underestimating the German group's debt, while overestimating earnings quality and potentially underestimating the capital intensity of the company's industrial businesses.

It believes that all these factors are likely to limit the group's ability to generate cash.

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