Umicore: Morgan Stanley maintains 'underweight' rating.
(CercleFinance.com) - Morgan Stanley maintains its "underweight" rating on Belgium's Umicore with a new target price of 44 euros, compared to 40 euros previously, saying that the risks relating to electric vehicles are "overlooked.
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"Umicore shares have re-rated materially in the past 18 months, riding a wave of positive sentiment on electric vehicle growth," the broker says in a research note.
"While we do not doubt the volume growth opportunity, we question whether the risks are fully discounted," Morgan Stanley adds.
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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.
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"Umicore shares have re-rated materially in the past 18 months, riding a wave of positive sentiment on electric vehicle growth," the broker says in a research note.
"While we do not doubt the volume growth opportunity, we question whether the risks are fully discounted," Morgan Stanley adds.
Copyright (c) 2017 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.