Covestro: Jefferies maintains buy rating, raises TP
(CercleFinance.com) - Jefferies maintains its "buy" rating on Covestro shares, nudging up its target price for them from E44 to E46, after increasing its EBITDA estimates for the German chemical company by an average of 3% over the next three years.
"Maintaining free cash flow through this point of the cycle represents the key positive to the investment case," the broker says, for which Covestro remains the " preferred pick across the diversified space - with significant operating leverage to any end market recovery".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Maintaining free cash flow through this point of the cycle represents the key positive to the investment case," the broker says, for which Covestro remains the " preferred pick across the diversified space - with significant operating leverage to any end market recovery".
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.