Berenberg starts 'premium player' Technogym with 'buy'

Technogym

19/10/2023 06:40

** Berenberg starts Italy's Technogym  TGYM.MI  with "buy"
saying the fitness equipment maker is "a premium player in a
growing market"
    ** It gives the group a TP of 10 euros ($10.53) with a 40%
upside to Wednesday closing price of 7 euros 
    ** The broker says that current valuation "underappreciates
the company's top-line growth, margin expansion potential and
strong cash conversion"
    ** "Technogym is a market leader in the attractive gym
equipment industry, which we expect to record a 4% CAGR
(2022-28E)," Berenberg says 
    ** It adds the firm's focus on innovation and end-user
solutions has allowed it to take market share from competitors
    ** Out of nine analysts that cover Technogym, two rate the
stock "strong buy" or "buy" and ​seven rate it "hold" 

($1 = 0.9495 euros)

 (Reporting by Alessandro Parodi)
 ((alessandro.parodi@thomsonreuters.com))