GS ups Umicore to 'buy' citing increasingly positive risk/reward

Umicore SA

10/06/2025 08:17

** Goldman Sachs raises Umicore UMI.BR to "buy" from "neutral", saying the Belgian metals recycling group's "value no longer trapped"

** Shares in Umicore rise as high as 8.4% in early trades, highest since December 2024

** "We view risk/reward as increasingly positive on Umicore," says broker, citing improved earnings momentum from higher metal prices

** GS says co presents "compelling case" given trough margins, management concessions (dividend re-basing, lower CapEx, strategy reset) and signs of an upturn in some areas

** Broker sees potential upside from German tax breaks and pent-up demand as OEMs shift focus to volume growth.

** Of 17 analysts that cover Umicore, three rate the stock "strong buy" or "buy"​, 11 rate "hold" and three​ rate it "strong sell" or "sell" - LSEG data

 (Reporting by Dimitri Rhodes)

 ((Dimitri.rhodes@thomsonreuters.com))