Umicore: Liberum ups target price.
(CercleFinance.com) - Liberum has reiterated its "buy" rating on Umicore and has raised its target price from 37 euros to 47 euros, after the broker raised its earnings estimates for the Belgian specialty materials group's different businesses.
"The net result is a 4% increase in our estimates of operating profit for 2019 and 2020," says the broker, which is "” over the period 2020-25".
Liberum therefore expects Umicore's operating profit to increase by an average of 12% p.a. over the 2017-25; in particular with around 30% growth p.a. for its battery materials business.
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