thyssenkrupp: shares fall after BarCap cuts rating.

(CercleFinance.com) - thyssenkrupp's shares slumped today, after Barclays Capital downgraded its rating on the stock from "equal weight" to "underweight," citing certain market "misperceptions.
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The German steelmaker's shares have fallen by up to 1.5% to 24.7 euros in Frankfurt on Tuesday morning, with BarCap maintaining its 21 euro target price on the stock.

While the diversified group's management is strategically moving in the right direction, it doesn't justify the stock's premium valuation, the brokerage firm wrote in a report sent to clients.

"Our detailed bottom-up analysis suggests that the market might be underestimating debt, overestimating earnings and is overoptimistic about benefits from the separation of the steel businesses," it said.

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