Brenntag: Commerzbank upgrades 'reduce' rating.
(CercleFinance.com) - Commerzbank has upgraded its rating on Brenntag from "reduce" to "hold", having increased its target price for the stock from 48 euros to 52 euros, after the stock underperformed the MDAX by over 10% over the past four months.
The German broker said that it still does not expect explosive organic growth in EBITDA, although says that it has become more optimistic towards the stock, as its quarterly results - due on 9 August - should show renewed underlying growth in the US.
Their analysts believe that the German distributor of chemical products has better streamlined costs, with it expecting the group to target EBITDA of between 840 million and 875 million euros in FY 2017.
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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.
The German broker said that it still does not expect explosive organic growth in EBITDA, although says that it has become more optimistic towards the stock, as its quarterly results - due on 9 August - should show renewed underlying growth in the US.
Their analysts believe that the German distributor of chemical products has better streamlined costs, with it expecting the group to target EBITDA of between 840 million and 875 million euros in FY 2017.
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.