Barclays ups Corbion to 'overweight' on strong earnings momentum

Corbion NV

29/08/2024 10:31

** Barclays upgrades Corbion  CORB.AS  to "overweight" from
"neutral", seeing scope for re-rating post the Dutch food
ingredients group's Q2 results 
    ** Broker says strong Q2 earnings renew its confidence on
solid momentum going into H2 and 2025, and flags volume
re-acceleration, stepped up margin delivery and progress on cost
savings
    ** "With improving growth prospects and reduced
balance-sheet risk, we see scope for CRBN to reverse 2021-23
de-rating vs. EU Ingredients peers," it says in a note
    ** Barclays also raises its PT on the stock by 14% to EUR
24.50
    ** By 0922 GMT the stock was up 4.9%
    ** Out of seven analysts that cover Corbion, six rate the
stock "strong buy" or "buy,"​ and one rates the stock "sell"
    
    
  

 (Reporting by Clement Martinot)
 ((Clement.Martinot@thomsonreuters.com;))