String of coverage initiations drives EuroGroup Laminations up over 6%

Eurogroup Laminations SpA

21/03/2023 11:27

** Shares in EuroGroup Laminations  EGLA.MI  rise as much as
6.2% after several brokerages started the coverage of the
Italian maker of electric motors components, which made its
market debut last month
    ** Exane initiates the stock with "outperform" and a target
price (TP) of 7.6 euros, citing growth opportunities from new
markets and clients other than the auto industry, as well as
bolt-on deals
    ** "The shares do not yet price the group's attractive
growth profile," it adds 
    ** JP Morgan (JPM) also starts its coverage of the Italian
firm, yet the broker's "neutral" rating and TP of 6 euros
underlines Eurogroup's need to address specific areas that could
define the company's future evolution, it says
    ** In spite of a deep innovation ability, EuroGroup should
address several points such as its ability to grow the over
5-billion-euro automotive order backlog and execute it on a
global scale, as well as its growth in China
    ** The stock is up 4.6% by 1127 GMT, outperforming a 2.5%
rise in Milan's all-share index  .FTITLMS 

    

 (Reporting by Alberto Chiumento)
 ((alberto.chiumento@thomsonreuters.com))