Stifel cuts Technogym as recent rally leaves no room for upside

Technogym

23/01/2023 10:57

** Stifel downgrades Technogym  TGYM.MI  to "hold" from
"buy", saying the Italian fitness equipment maker's shares have
no room for upside after an almost 50% rise from September lows
    ** The brokerage says that while Technogym remains "a key
holding within the Italian mid-small cap space" with positive
long-term prospects, its valuation seems to be "already
discounting a bull case" for 2022
    ** Stifel also sees no further upside to its 2023-2024
estimates
    ** Over the medium term, it sees Technogym maintaining a
structural mid- to high-single-digit sales growth
    ** The broker adds continued B2B recovery, reversal of
negative B2C trends, and diligent delivery on profitability will
be among key points to reassess its stance
    ** Shares in Technogym fall 5% in morning trade, on track
for their worst day since July 2022
    ** Out of nine analysts, three rate the stock "strong
buy"/"buy" and ​six "hold" - Refinitiv
 (Reporting by Carlo Giovanni Boffa)
 ((Carlogiovanni.boffa@thomsonreuters.com))