Umicore: shares fall after UBS downgrade

(CercleFinance.com) - Shares of Umicore fell on Thursday, after UBS cut its rating on the Belgian specialty metals and materials maker to "sell" from "neutral.
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UBS analysts also cut their price target on the shares to 23 euros, from 36 euros.

Shares were down 3.5 per cent to 25.8 euros in morning trading on Euronext Brussels.

UBS said it has cut its 2019-2021 earnings forecasts due to structural oversupply in the battery chain. Its forecasts now stand 16% below consensus for 2020 and 2021.

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