Umicore: shares at bottom of BEL 20 index after downgrade

(CercleFinance.com) - Belgian Umicore shares were down over 2% at 46.
1 euros on Monday after analysts at UBS downgraded the stock from "buy" to "neutral".

After the stock's 70% outperformance since January 2017, Umicore is currently fairly valued, having benefited from growth opportunities from upcoming electric vehicles penetration, analysts wrote in their report on the stock.

However, UBS has raised its target price from 48 euros to 51 euros.

Umicore shares are currently the sharpest faller in the Belgian blue-chip index BEL 20 and are underperforming the STOXX Europe 600 Optimised Chemicals index, which is currently down 0.4%.

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