Continental: shares fall as broker cuts price target

(CercleFinance.com) - Continental shares fell for a third consecutive day on Tuesday, as analysts at Barclays cut their price target on the German auto parts maker.


Conti shares, which had lost 1% on Friday and Monday, were down another 4.3% at 118.3 euros in late morning trading. The stock has fallen 2% so far this year.

As part of a note on European carmakers and auto parts makers, analysts at Barclays cut their price target to 140 euros from 148 euros, maintaining their "equal weight" rating on the stock.

"After a very disappointing 2018 (especially for Valeo and Continental) and limited market visibility, management teams earlier this year understandably set the bar relatively low for 2019," Barclays said.

The brokerage firm said it now expects Continental's operating margin to be "at the very low end" of the range.

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