Kepler cuts Umicore to 'hold' after rally

Umicore SA

11/06/2026 08:56

** Kepler Cheuvreux downgrades Umicore UMI.BR to "hold" from "buy", saying the recent strong share price performance has reduced upside potential for the Belgian metal recycling group
** Kepler says its previous upgrade performed "arguably too well to justify keeping a Buy rating", despite upgraded earnings estimates
** Brokerage raises Umicore's target price by 20% to €24 ($27.7) 
** "We have raised our earnings estimates to reflect our more positive view on catalyst prices and volumes, but our new target price of €24 now offers limited upside," it says
** Shares in Umicore up 22% YTD, touching record-highs

($1 = 0.8660 euros)

 (Reporting by Gianluca Lo Nostro)
 ((gianluca.lonostro@thomsonreuters.com))