Kone: shares drop on broker downgrade to 'sell'
(CercleFinance.com) - Kone shares slipped 1.
4% on Tuesday, after UBS downgraded its rating on the Finnish lift maker from "neutral" to "sell", citing valuation grounds.
"We think Kone's share price and consensus are overstating its revenue and profit growth potential," the broker said in a note, while cutting its target price from 53 euros to 50 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.
4% on Tuesday, after UBS downgraded its rating on the Finnish lift maker from "neutral" to "sell", citing valuation grounds.
"We think Kone's share price and consensus are overstating its revenue and profit growth potential," the broker said in a note, while cutting its target price from 53 euros to 50 euros.
Copyright (c) 2020 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.