Quirin cuts Duerr after news on CEO change, cites headwinds ahead

Duerr AG

30/09/2021 10:45

** Duerr  DUEG.DE  CEO change announced on Wednesday
 urn:newsml:reuters.com:*:nASN001PBG prompted Quirin to double downgrade its
recommendation on the German automotive supplier to "sell" from
"buy"  
    ** The brokerage says that the departure of Ralf W. Dieter
before FY 2021 couples with rising headwinds from automotive
customers, cost and wage inflation and energy shortages Duerr is
to face
    ** It now expects the company to only reach the lower end of
its sales guidance and a lower reported group EBIT margin of
4.1%
    ** "After the impressive share price rally in the context of
the outlook increase in July 2021 the share price has missed to
break through the resistance of the mid-term valuation trend,"
Quirin says 
    ** Out of 17 analysts that cover Duerr, ten rate the stock
"strong buy" or "buy", ​five rate "hold" and two​ rate the stock
"strong sell" or "sell"
    ** Shares in Duerr are down 2%, paring earlier losses of as
much as 5%, and among worst performers on German mid-cap MDAX
 .MDAXI  index  


 (Reporting by Veronica Snoj)
 ((Veronica.snoj@tr.com))