KBC cuts Brederode, sees limited upside potential

Brederode SA

03/12/2021 10:33

** KBC Securities cuts Luxembourg-based investment company
Brederode  BREL.LU  to "hold" from "accumulate", as the broker
sees limited upside potential post Q3 trading update
    ** The broker says Brederode had another strong quarterly
update with its net asset value per share further increasing
towards EUR 116.0  urn:newsml:reuters.com:*:nFWN2SN11K
    ** "We believe part of the positive evolution is also driven
by positive foreign exchange effects, with the USD further
appreciating in Q3," the broker says, adding that more than 60%
of the company's fund portfolio is in the U.S. 
    ** The broker increases its target price to EUR 130 (vs EUR
120), but cuts its rating "given the limited upside potential"
    ** The stock is up 58% year-to-date

 (Reporting by Clement Martinot)
 ((Clement.martinot@tr.com))