Berenberg upgrades Umicore to 'buy' on high metal prices

Umicore SA

22/01/2026 10:23

** Berenberg upgrades Belgian materials technology group Umicore UMI.BR to "buy" from "hold"; raises PT by 18% to 23.50 euros

** Cites high metals prices and the declining importance of battery materials

** Notes stock is returning to its "golden age", a period when its value tracked precious metal prices for two decades before UMI shifted focus to the battery segment

** Out of 17 analysts that cover Umicore, 5 rate the stock "strong buy" or "buy",​ 10 "hold" and 2​ "strong sell" or "sell" - LSEG data

($1 = 0.8557 euros)

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))