Fuchs Petrolub: "A touch expensive" - Berenberg cuts
06/11/2019 10:32
** Berenberg downgrades German lubricant maker Fuchs
Petrolub FPEG_p.DE to "hold" from "buy", saying that its
current valuation "leaves little grounds for excitement"
** The broker notes that the company's earnings recovery is
already priced in, with its shares trading above historical
levels
** Berenberg says doubts, bar an unforeseen recovery in
Chinese industrial and autos production, there is much scope for
further upgrades to its forecasts
** It also says that if oil majors or chemical companies
currently focused on the bulk market were to pay more attention
to the market for low-volume specialities, pricing pressure
could result
((antonis.pothitos@thomsonreuters.com))