Berenberg cuts Umicore to 'hold' as shares approach target price

Umicore SA

22/06/2026 07:13

** Berenberg cuts Belgian battery materials maker Umicore UMI.BR to "hold" as shares approach its target price of €23.20
** "We are wary that Umicore's earnings may sequentially decelerate on the back of weaker demand from the company's automotive end-customers in H2," it says.
** Berenberg says that export quotas in the Democratic Republic of Congo might push China to increase its focus on cobalt-free lithium iron phosphate battery technology
** "These efforts would also further disadvantage Umicore's loss-making activities in cathode materials, where it is exclusively focused on cobalt-containing technology," it notes
** Out of 18 analysts that cover Umicore, ten rate the stock "strong buy" or "buy," seven rate "hold" and one rates the stock "sell" - LSEG data

 (Reporting by Mathias de Rozario in Gdansk)
 ((mathias.derozario@thomsonreuters.com))