Umicore: top gainer in the BEL index after broker upgrade.

(CercleFinance.com) - Shares in Umicore rise 2.
6 per cent after Deutsche Bank upgrades the Belgian specialty metals company to "buy" from "hold", citing a "strategically unique and scarce asset".

The broker, which raises its target price from 56 euros to 73 euros, points out that Umicore has become a leader in rechargeable battery materials, for which demand is strong because of electrification of vehicles.

"We note the strategic scarcity of Umicore as an asset and in the current M&A environment would not rule out third-party interest," say Deutsche analysts.

Umicore shares currently rise 2.6 per cent at 62.9 euros, the top gainer in the BEL 20 index.

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