AvH tops BEL 20 as Kepler upgrades stock to 'buy'

Ackermans & Van Haaren NV

15/12/2022 10:13

** Shares in Belgian holding company Ackermans & van Haaren
(AvH)  ACKB.BR  rise more than 4%, topping Belgium's BEL 20
 .BFX  index, after Kepler Cheuvreux upgrades its rating to
"buy" from "hold"
    ** Kepler lifts target price to 185 euros from 175 euros,
saying it sees a higher fair value and a 22% upside to
Wednesday's closing price
    ** AvH's operations are proving to be more resilient than
anticipated, the broker says
    ** The company also has a relatively high amount of cash
from disposals, which is set to fuel future earnings growth,
Kepler adds
    ** "Undemanding valuation presents a good opportunity to
enter an equity story with strong fundamentals and an excellent
long-term track record," the broker says
    ** The stock is on track for best day since February,
outperforming the BEL 20 index that falls 0.9%
 (Reporting by Dagmarah Mackos)
 ((dagmarah.mackos@tr.com))