Faurecia: stock falls on broker downgrade
(CercleFinance.com) - Faurecia shares are the biggest faller in the SBF 120 index in Paris on Monday, penalised by a rating downgrade by Morgan Stanley analysts, which they justify by valuation issues.
At around 11.30am, the automotive supplier's share was down almost 9%, largely underperforming the SBF 120 index (about -2.5% at the same time).
In their morning comments, Morgan Stanley's teams explain that they have downgraded their rating on the stock from "overweight" to "equal weight", while maintaining their target price at 20 euros.
Within the sector, Morgan Stanley says it now prefers Valeo's shares as well as those of tyre manufacturers.
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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.
At around 11.30am, the automotive supplier's share was down almost 9%, largely underperforming the SBF 120 index (about -2.5% at the same time).
In their morning comments, Morgan Stanley's teams explain that they have downgraded their rating on the stock from "overweight" to "equal weight", while maintaining their target price at 20 euros.
Within the sector, Morgan Stanley says it now prefers Valeo's shares as well as those of tyre manufacturers.
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.