Fuchs down after Jefferies cuts to 'hold'

Fuchs Se

03/11/2026 07:45

** Shares in Fuchs FPEn.DE fall 2.8% in early Frankfurt trade after Jefferies downgrades its rating on the German lubricants maker to "hold" from "buy"
** Broker cites limited valuation upside and sees higher risk that pricing and market share gains normalise next year
** Jefferies says adjusted EBIT guidance upgrade of €500 million ($560 million) is helped by tight supply, supportive pricing and market share gains, but risk/reward now looks balanced
** It sees scope for volume growth and continued pricing into 2027, but says "favourable combination of scarcity, price and incremental customer wins should become progressively harder to replicate"
** Broker says normalising supply could reduce pricing power and increase competition, creating downside risk to elevated earnings even without weaker underlying demand
** Up to the previous session's close, shares were up 24%​ YTD



($1 = 0.8937 euros)

 (Reporting by Basile Day)
 ((Basile.Day@thomsonreuters.com))