ThyssenKrupp: Jefferies still a buyer, adjusts TP

(CercleFinance.com) - Jefferies maintains its 'buy' rating on ThyssenKrupp shares, shaving a fraction off its target price for them from 16 euros to 15.
85 euros (current price: 9.2 euros, -1.4%) in a report on the European steel sector for which it says it remains positive for 2022.

"With balance sheets the best in >10 years, strong steel margins and WC headwinds abating, we forecast a record year for FCF in 2022 (21% sector yield)," the broker says.

Jefferies points to an expected 4.8% increase in steel demand in Europe next year, bringing it back to pre-pandemic levels (2019), with the automotive industry catching up after chip shortages.


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