Berenberg moves Hornbach to 'hold' after shares rise 34%

Hornbach Holding AG & Co KGaA

25/06/2025 08:17

** Berenberg cuts its rating on German DIY-store chain Hornbach HBH.DE to "hold" from "buy" citing limited upside due to the stock's "solid" performance year-to-date

** The broker says that after a 34% share price rise year-to-date its discounted cash flow-derived PT of 105 euros does not provide enough upside to justify a "buy" recommendation

   ** Still, it notes Hornbach's Q1 beat, with sales 4% and EBIT 9% above the broker's estimates

** It flags the company's market share expansion in key regions over the past five years, and estimates Hornbach to achieve an EPS compound annual growth rate of 2.3% to 2029, without needing to raise prices

** Out of eight analysts that cover Hornbach, three rate the stock "strong buy" or "buy"​ , five rate it "hold" - LSEG Data

(Reporting by Cian Muenster)

((Cian.muenster@thomsonreuters.com))