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TUI: shares remain undervalued, Berenberg says

( - Berenberg said that it is still convinced that TUI shares remain undervalued, despite their recent rally, having dramatically fallen earlier this year following a profit warning and the grounding of the 737 MAX.

In a note to clients, the German broker said it continues to like the European tourism group's equity story and its well-diversified business model.

"The recent rally reflects promising third-quarter results in August which have increased investors' confidence in the company being able to meet its full-year expectations," it pointed out.

While TUI may have gone through a disruptive year, the fundamentals remain strong, and the broker maintained its "buy" rating, with a target price of 1,200 pence.

TUI shares are currently down 2.4% at 861.2 pence. They have fallen by 23% year-to-date.

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