Euroapi: Berenberg slashes target price
(CercleFinance.com) - On Wednesday Berenberg reduced its target price for Euroapi shares from E16.
9 to E6.6, while renewing its buy rating on the stock.
In its comments, the German broker explains that it has overhaulsed its expectations after the group's profit warning on 9 October.
"The company's patchy execution journey, lack of clear communication and low future visibility drove shares to slump 60% on the day after the announcement", the analyst says.
"We acknowledge that it will take time for shares to re-rate as the market has lost confidence in the company, but it is worth highlighting that the story is not broken", he adds.
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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.
9 to E6.6, while renewing its buy rating on the stock.
In its comments, the German broker explains that it has overhaulsed its expectations after the group's profit warning on 9 October.
"The company's patchy execution journey, lack of clear communication and low future visibility drove shares to slump 60% on the day after the announcement", the analyst says.
"We acknowledge that it will take time for shares to re-rate as the market has lost confidence in the company, but it is worth highlighting that the story is not broken", he adds.
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.