Stifel downs Sixt to 'hold' on weaker consumer confidence ahead
15/08/2022 10:58
** Stifel cuts German rental car company Sixt SIXG.DE to
"hold" from "buy", seeing weaker consumer confidence in 2023/24
** The brokerage lowers its EBT projection for FY 2023 and
2024 respectively by 19% and by 16%, as it sees high risk of
consumers cutting their leisure spending for 2023
** "Hence, competing on price will be more relevant for
rental companies going forward," Stifel adds
** It also says the strong U.S. dollar does support
translation effects, but not the traffic from Europe into the
United States which is relevant for Sixt
** It however says it believes the company has measures in
place to offset some of the potential price pressures
** Out of 11 analysts, nine rate the stock "buy"/"strong
buy", two rate it "hold"
** The stock is down 3.2%, at bottom of German midcap index
.MDAXI
(Reporting by Anastasiia Kozlova)
((Anastasiia.Kozlova@thomsonreuters.com))