Leifheit: Berenberg downgrades to "sell"
15/08/2018 08:36
** Shares of Leifheit LEIG.DE down ~2.4 pct to 20 Euros
** Berenberg cuts rating to "sell" from "hold", after co.
reported H1 results urn:newsml:reuters.com:*:nFWN1V502Z
** Says H1 numbers were poor and FY guidance hard to
justify; remain unconvinced that the "Volume" division can grow
** Says longer-term demand concerns, lower R&D spend, and
saturated market providing little basis for such strong H2
figures; says one more profit warning to come
** Combination of a trend towards e-commerce, squeezed
household incomes/supressed demand for high-end products and
switch in co's strategy towards being a market follower on
innovation lead us to believe stock is overpriced says Berenberg
** Over an entire day's 30-day avg volume through in early
trade
((aniruddha.c.thomsonreuters.com@reuters.net))