Jefferies downgrades dredging firm DEME to 'hold', shares slip

DEME NV

02/09/2024 08:32

** Shares in DEME  DEME.BR  are down 4% after Jefferies
downgrades the Belgian dredging company to "hold" from "buy" and
cuts PT by nearly 11% to EUR 165
    ** Despite better than expected H1 results, Jefferies
expects DEME's revenues to "reach a plateau" in the coming
years, based on its order book and vessel capacity
    ** The shares hit a record high of EUR 175 on Thursday after
DEME raised its 2024 guidance in its H1 report
    ** "We downgrade to Hold, pending evidence of more
operational leverage in a tightening market," Jefferies says
    ** Six out of eight analysts rate the stock "strong
buy"/"buy" and ​two "hold" - LSEG

 (Reporting by Leo Marchandon)
 ((Leo.marchandon@thomsonreuters.com))