Chr. Hansen: shares slip on broker downgrade
(CercleFinance.com) - Shares in Chr.
Hansen fell on Tuesday after Berenberg downgraded the Danish food ingredients maker to "sell" from "hold."
"Chr Hansen has had a spectacular run since the 2010 IPO, up by over 500%", Berenberg analysts said in a research note.
However, after the company's surprise lowering of its full-year 2019 guidance, the seeds of doubt about the sustainability of growth have been sown, the analysts said, expecting expect further pressure on the shares.
Berenberg cut its target price on the shares to 575 Danish crowns from 630 Danish crowns.
Chr. Hansen shares were down 2.3% to 601.8 Danish crowns in late-morning trading on the OMX Nasdaq market. The shares have risen about 7% this year.
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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.
Hansen fell on Tuesday after Berenberg downgraded the Danish food ingredients maker to "sell" from "hold."
"Chr Hansen has had a spectacular run since the 2010 IPO, up by over 500%", Berenberg analysts said in a research note.
However, after the company's surprise lowering of its full-year 2019 guidance, the seeds of doubt about the sustainability of growth have been sown, the analysts said, expecting expect further pressure on the shares.
Berenberg cut its target price on the shares to 575 Danish crowns from 630 Danish crowns.
Chr. Hansen shares were down 2.3% to 601.8 Danish crowns in late-morning trading on the OMX Nasdaq market. The shares have risen about 7% this year.
Copyright (c) 2019 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.