Thyssenkrupp: Credit Suisse upgrades rating, raises target

(CercleFinance.com) - On Monday morning a Credit Suisse analyst says that he is upgrading his rating on the Thyssenkrupp share, directly from "underperform" to "outperform," appreciating a disposal that is "underappreciated by the market".


"The group announced it will sell its Elevator unit to a consortium led by Advent, Cinven, RAG Foundation for E16.9bn. Selling was not only the best outcome for investors, with a transaction price of ~E1.4bn above market expectations (or E2.25/sh), but also avoided paying cE150-350m
in taxes (necessary in case of an IPO)," the broker said.

Credit Suisse has also increased its target price from 9 euros to 14 euros.


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