Umicore: shares rise on BofA upgrade
(CercleFinance.com) - Umicore shares are up on Monday after Bank of America upgraded the Belgian battery producer to "buy", saying that the company is well positioned to capture the long-term growth potential from electric vehicles.
In a note to clients, the US broker said recent auto stimulus packages in China, France and most recently Germany should encourage the adoption of electric vehicles, with higher demand set to benefit the group's pricing and volumes.
BofA pointed out that Umicore has the financial ability to accelerate capacity expansion,if necessary, saying that the company has meaningful capacities under construction to serve upcoming European demand.
Its shares are currently up 3% on Euronext Brussels.
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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.
In a note to clients, the US broker said recent auto stimulus packages in China, France and most recently Germany should encourage the adoption of electric vehicles, with higher demand set to benefit the group's pricing and volumes.
BofA pointed out that Umicore has the financial ability to accelerate capacity expansion,if necessary, saying that the company has meaningful capacities under construction to serve upcoming European demand.
Its shares are currently up 3% on Euronext Brussels.
Copyright (c) 2020 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.