K+S: Jefferies downgrades stock

(CercleFinance.com) - Jefferies today downgrades K+S shares from "buy" to "hold", slashing its target price for them from E25 to E15, after about an 18% reduction in estimates for FY 2024 for the German supplier of potash and rock salt.


"Risk to FY24 EBITDA is growing - we are 20% below consensus and at the bottom end of street expectations", the broker warns; and higher capex lead to break-even free cash flow, testing its new FCF-based dividend policy.


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