Italy's Industrie De Nora shares drop as Kepler warns of 'difficult' 2026
03/02/2026 11:41
** Shares in Italy's Industrie De Nora DNR.MI fall as much as 11.2% after brokerage Kepler Cheuvreux sees the Italian electrode maker "approaching a difficult 2026" ** Kepler Cheuvreux projects De Nora to close FY2025 well on EBITDA margin above 19%, thanks to water division ** However, it forecasts "a lacklustre FY2026 burdened by some decline in electrode technologies and a steep fall in energy transition" ** The brokerage also cuts target price to 8.1 euros ($9.55) from 8.6 euros and confirms an "hold" stance on the stock ** The stock, which is down 10.7% by 1130 GMT, hit its lowest level since September 2025 ($1 = 0.8482 euros) (Reporting by Romolo Tosiani) ((Romolo.Tosiani@tr.com))