ING ups Bpost to 'hold' as risks are priced-in, shares edge up

Bpost SA

19/03/2024 09:16

** ING raises Belgian postal operator Bpost  BPOST.BR  to
"hold" from "sell", saying risks including the potential loss of
newspaper concessions in Belgium are priced-in
    ** Bpost's shares have taken a hit from speculation that
Belgium's government could pick other companies to distribute
newspapers and periodicals in the country
    ** Shares in Bpost  BPOST.BR  rise 3.5%  
    ** The risk from a weak macroeconomic environment and
potentially losing concessions "seems priced in,", ING says,
adding that Bpost's shares have fallen about 40% since the
initial news on concessions in November 
    ** ING says it expects an outcome to the concessions saga by
the end of Q1, as indicated by Bpost's management 
    ** "And thus visibility will improve in due course" - ING
    ** The broker keeps its PT of 3.50 euros, which is 12.2%
above Monday's closing price of 3.12 euros
    ** The shares head for their best day in nearly three weeks,
though the price still hovers near all-time lows
    ** Out of nine analysts, ​one rates Bpost "strong buy", six
rate "hold" and two​ rate it "strong sell/sell" 


 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))