Legrand: Deutsche Bank downgrades stock

(CercleFinance.com) - On Tuesday Deutsche Bank downgraded Legrand shares from "buy" to "hold", while maintaining its target price unchanged at 86 euros.


In a report, the broker explains that the electrical equipment manufacturer is currently trading at an EV/Ebita multiple of 14.5x and a P/E of 20x, figures that are in line with its historical multiples.

Under these conditions, the analyst says he sees limited upside potential for the stock at its current levels.

From an operational perspective, Deutsche Bank said it is concerned that demand will be affected by a sharper-than-expected correction in the residential construction sector.



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