Continental: Invest Securities cuts target price

(CercleFinance.com) - Invest Securities reiterates its "buy" rating on Continental shares, despite cutting its target price for them from 88 euros to 80 euros, after the German tyre and automotive supplier announced its interim results.


Q2's margins shrunk - both in the automotive division, and the group's tyre business and at Contitech with - for the first time in many quarters - a clearly negative FCF, the analyst notes.

However, he emphasised that the group has maintained its guidance for 2022, with an expected rebound in global auto production and comments that are reassuring, indeed confident, for the second half of the year, even though headwinds are continuing to threaten.


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