Continental: Bernstein upgrades to 'outperform' on valuation

(CercleFinance.com) - Bernstein has upgraded the Continental stock from "market perform" to "outperform," seeing its current price as "appealing" after its "very poor performance" in 2018.


"Conti has suffered major setbacks in 2018, with two profit warnings and a substantial share price slide," the broker wrote in a note sent to clients.

"But we now see an opportunity to buy a fundamentally high quality and well positioned company at an attractive price," it said.

While cutting its target price to 210 euros, Bernstein regards both the group's tyres and automotive businesses as strongly positioned in strategic terms and expects them to continue to deliver solid returns in the future.

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