Jefferies cuts IMCD to 'hold' on 'subdued' 2024 outlook
04/03/2024 07:51
** Jefferies cuts IMCD's IMCD.AS rating to "hold" from
"buy" and TP by 7.3% to 165 euros, due to a more "subdued"
outlook for this year and a valuation premium to its peers
** "The FY24E outlook is subdued, with low visibility and
tougher comps in Q1. With IMCD's stock trading at a 50% premium
to its closest peer, Azelis, and a premium of almost 60% to
Brenntag, we downgrade to Hold," says Jefferies in a note
** The broker also lowers its EBITA and EPS estimates for
2024 by +3% and +5%, respectively, based on still high customer
inventory levels, and tougher comparatives in Q1 2024
** Out of 16 analysts that cover IMCD, three rate the stock
"strong buy/buy", nine rate it "hold" and four rate the stock
"strong sell/sell"
(Reporting by Mathias de Rozario)
((mathias.derozario@thomsonreuters.com))