Baader upgrades Heidelberger Druck to 'buy', likes fat backlog

Heidelberger Druckmaschinen AG

29/08/2024 08:11

** Baader Helvea upgrades German printing press maker
Heidelberger Druckmaschinen  HDDG.DE  to "buy" from "add",
pointing to strong order intake at Q1 results in August
    ** Its order backlog now stands at 932 million euros ($1.04
billion)
    ** "This is the basis for very strong revenue generation in
3Q and 4Q24/25 and correspondingly strong profitability," Baader
says
    ** The broker nevertheless cuts its PT on Heidelberger by
12.5% to 1.75 euros citing a general fall in the value of mid-
and small cap stocks
    ** Heidelberger's shares trade at 1.018 euros as of 0700
GMT, up 0.2%
    ** Of five analysts who cover Heidelberger, three rate it
"strong buy", one "buy" and one "hold" - LSEG
    
($1 = 0.8988 euros)

 (Reporting by Louis van Boxel-Woolf)
 ((Louis.vanBoxel-Woolf@thomsonreuters.com))