HSBC cuts Krones to 'hold' on emerging recessionary trends

Krones AG

09/11/2022 12:09

** HSBC cuts German bottling machine maker Krones  KRNG.DE 
to "hold" from "buy", pointing to the impact from the oncoming
recession
    ** The brokerage says further positive trigger does not look
likely in the near term even after "dynamic" 9-month results the
company published on Nov. 4
    ** It notes the recessionary trends in the economic
environment have just started to emerge, which will limit the
chance for additional positive surprises from Krones for the
time being
    ** "The implied upside potential is 9%, after the shares
rallied by 15% since the publication of 9-month results last
Friday, which we consider as no longer attractive in the current
market environment," it adds
 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))